Celsius filed for bankruptcy on the 13th of July and the token price dropped as low as $0.31 but soon it started to pump and a little over a month later it trades at $4.50.
I ended the previous post about the $CEL short talking about how I managed to capture some upside due to shorts getting squeezed but that was a tiny tiny fraction of the entire move up.
Obviously it doesn't help to think about how much I could have made if I had not sold so here's this post to explain the idea behind the move up. The one factor I did not consider was that the SPY would start its bear market rally and people began bidding ETH due to the upcoming merge event.
The basic idea is that $CEL no longer had value as the company had filed for bankruptcy but this was a perfect token for traders as you soon got paid ridiculous amounts of funding for just longing the token since so many people were shorting. This and shorts closing fueled the move upwards.
The Ethereum move from $1000 on July 13 to $2000 on 14th August certainly helped this move up but $CEL has outperformed ETH by almost 7x due to its shitcoin beta to ETH and BTC.
Also, groups of people (probably affected by the Celsius bankruptcy) started spreading the #CELShortSqueeze message and tried to kickstart a GME-like movement for their Celsius tokens.
Anyways, on to the next.