Celsius Up 50% Amid GameStop-Style Short Squeeze Attempt.

CEL, the native token of embattled crypto lender Celsius Finance, is up 50% on the day as members of the project's community attempted to orchestrate a short squeeze.

A short squeeze takes place when traders bet that the price of an asset will drop, but the price goes up instead, forcing them to close their positions.

Rallying around the #CELShortSqueeze hashtag on Twitter, Celsius holders planned to force a short squeeze by buying up CEL on the FTX crypto exchange, moving it to DEXs, and setting sell limit orders.

The strategy is similar to that employed by day traders during the GameStop short squeeze of January 2021, pushing the price of GameStop's stock up over 1,000% in two weeks.

So far, the Celsius short squeeze appears to be driving up the price of CEL. It's currently trading at $1.39, up around 50% on the day and 320% on the week, per CoinMarketCap, though it's pulled back from its 24-hour high of $1.56. That's still far below the token's all-time high of over $8, recorded in June 2021, however.