The cryptocurrency whales that collect Celsius Network’s native ID for $ CEL led to an increase of more than 900 percent after high sales caused by macroeconomic factors and the platform has halted withdrawals.
According to Santiment, a leading blockchain analytics firm, shark and whale addresses moved “behind the scenes” to collect cryptocurrency after $ CEL fell to a $ 0.09 low earlier this month after the freezes were frozen.
The result was a pump of over 290% in 10 days and over 900% so far that the cryptocurrency is trading at $ 0.92 from $ 1.5 at the time of writing. Inside something send Looking at his findings, Santiment pointed out that there were three different groups of investors behind the rise.
The first group are investors holding between 100 and 10 000 CELs, who were the “crowd leading the pump”. The second group is investors with a value of CEL 10 000 to 100 000 who “behaved more or less in the same way”.
CEL whales, with 100,000 ad 1 million marks, have “bought early,” which, according to Santiment, “is the expected behavior of whales.” The company said all three groups “bought a lot directly from the landfill, then sold more or less on the way up and then bought again.”
CEL is the original brand of the popular cryptocurrency Celsius Network, which earlier this month announced it would freeze its withdrawals to its 1.7 million customers. In a statement, Celsius wrote “by taking this measure today to give Celsius a better chance of meeting its withdrawal obligations over time.” It added that users accrue commissions on their holdings.
The high yields of Celsius and its exposure to the Terra ecosystem before its collapse, as well as its losses after the BadgerDAO hacking, have raised questions. The company has so far not reinstated withdrawals, and has suspended routine ask-me-what-sessions with the public.
As CryptoGlobe reports, cryptocurrency prices fell after the Celsius announcement, and the total market value of the farm fell below $ 1 trillion for the first time since the start of 2021 as a result of the sale.
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h/t – CryptoGlobe