A leading analytics firm says whales are accumulating the native token of an embattled crypto lending firm over the past week and a half.
According to Santiment, large buyers have been accumulating CEL tokens “in a big way” in the last 10 days.
“Celsius and its +290% price surge in 10 days came as traders were disregarding the token. But behind the scenes, big shark and whale addresses were accumulating in a big way.”
The native token of Celsius (CEL) hit a multi-year low of $0.15 on June 13th but rose to a recent high of $1.55 on June 21st, a more than 933% increase.
The asset has since dropped by nearly 40% and is trading for $0.946756 at time of writing.
Celsius announced a temporary halt on withdrawals on June 12, and CEL subsequently crashed by more than 99% from its all-time high.
“The ratio of Bitcoin’s supply continues staying low, at levels last seen in November 2018. This is a good signal of limited future selloff risk. In the meantime, Tether supply continues skyrocketing on to exchanges, indicating greater buying power.”
“Synthetix is up +97% since this time on Saturday, and we can clearly see the major surge in SNX whales activity, showing their involvement. The 87th largest crypto asset by market cap typically has 3 $100,000+ transactions a day, and Sunday had 129.”
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