Crypto Whale Accumulation 'Behind the Scenes' Triggers 900% Surge for Embattled Asset - Aliens: AI Crypto News & Markets Updates
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Crypto Whale Accumulation 'Behind the Scenes' Triggers 900% Surge for Embattled Asset

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CryptoGlobe

Fri, Jun 24, 2022

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Cryptocurrency whales accumulating the embattled native token of Celsius Network, $CEL, led to a surge of more than 900% for it after a major sell-off driven by macroeconomic factors and the platform halting withdrawals.

According to leading blockchain analytics firm Santiment, shark and whale addresses moved “behind the scenes” to accumulate the cryptocurrency after $CEL dropped to a $0.09 low earlier this month after withdrawals were frozen.

The first group are investors holding between 100 and 10,000 CEL, which were the “crowd leading the pump.” The second group are investors with between 10,000 and 100,000 CEL, which were “behaving more or less the same.” CEL whales, those with between 100,000 ad 1 million tokens, have been “buying early,” which according to Santiment “is the expected behaviour for whales.” The firm detailed all three groups “bought a lot directly into the dump, then selling more or less on the way up, then buying again.” CEL is the native token of popular cryptocurrency Celsius Network, which earlier this month announced it was freezing withdrawal for its 1.7 million customers.

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