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Celsius Token: Whales Provide Huge Surge

 


Analytics firm Santiment reports that whales have been buying Celsius’s CEL token in bulk over the past week and a half.


As the company reports, large buyers have been buying CEL tokens “in a big way” over the past 10 days.


“Celsius and its price surge of +290% in 10 days came as traders flouted the token. But behind the scenes addresses of big sharks and whales were piling up in a big way.”


On June 13, Celsius (CEL) native token touched a multi-year low of $0.15, but surged to a recent high of $1.55 on June 21, up more than 933%.


The CEL token is down nearly 40% since then, priced at $0.946756 at the time of writing.


On June 12, Celsius announced a temporary halt to withdrawals, causing CEL to plunge more than 99% from its all-time high.


The company has not reopened withdrawals. A scheduled FAQ session by the company with the public was suspended last week. US government regulators have launched investigations into Celsius's activities.


This is how Santiment sees Bitcoin

Santiment also says that two factors are potentially bullish for Bitcoin.


“Bitcoin's supply ratio remains low, at levels last seen in November 2018. This is a good signal for limited future sell-off risk. Meanwhile, Tether supply on exchanges continues to skyrocket, suggesting greater buying power.”


Additionally, the analytics firm says that whale activity surrounding synthetic asset issuer Synthetis (SNX) has risen in tandem with its price over the past two days.


“Synthetix is ​​up +97% since this time Saturday and we can clearly see the large spike in activity from the SNX whales showing their involvement. The 87th largest crypto asset by market cap typically has 3 transactions worth over $100,000 per day, and on Sunday it was 129.”

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