Surprise Increase in Value
During June 19 to 21, 2022, the price of CEL, the native token of Celsius Network, increased by approximately 400%, making it the cryptocurrency market's fastest-growing asset during this time.
Wild Guess But It Was PlanC
It was assumed that the CEL market was on the rise as a result of Simon Dixon's advice and CEO Alex's update, but on June 22 its value started to decrease dramatically. This demonstrated that the anti-Celsius update from independent market analyst PlanC was the cause of the instigated frenzy.
PlanC Announced Reward
PlanC poked fun at those who were defending Celsius, by asserting that the network has been forced to halt withdrawals due to a planned third-party attack. On June 19, PlanC announced a $20 million bounty to anyone who could prove the planned attack on Celsius that made it suspend withdrawal and transfer.
Temperature Increases
Following this announcement, a good many people utilised hashtags and phrases associated with Celsius. Some did it as they made their claims for the bounty, while others did it as they brought up different issues.
The popularity of Celsius hastag on Twitter and keyword on Google surged to the point where day traders began mass-purchasing CEL tokens, greatly boosting its value. However, on June 22, the token started behaving like it was returning to regular market conditions and began to decline once more.
Everyone is responsible for their own investment, so anyone who brought CEL during latest increase have either to HODL or to trade/ sell.
