The bankrupt crypto lender Celsius Network’s native CEL token suddenly spiked to US$4.26, during Ethereum’s much-anticipated Merge, according to data from CoinGecko.
See related article: Celsius CEO Alex Mashinsky floats restructuring as custody business amid bankruptcy proceedings
- CEL’s price has since dropped to US$1.94, making it the 61st largest cryptocurrency by market capitalization, as of press time.
- The cryptocurrency is still up 9.7% in the past 24 hours as part of its 43.9% weekly surge.
- CEL saw significant price discrepancies in crypto exchanges during Ethereum’s Merge, with FTX recording a US$2.86 daily peak while the token was selling for US$6.08 on OKX.
- After the cryptocurrency’s value tanked to near-zero due to Celsius Network freezing withdrawals in June, its community members, known as Celsians, campaigned to squeeze out short sellers and boost CEL prices.
- The company filed for Chapter 11 bankruptcy in July.
- The CEL price rally followed reports of CEO Alex Mashinsky’s plan to restructure the company into a custodian.
See related article: Crypto lender Celsius to return US$50 mln to locked out users