A leading analytics firm says whales are accumulating the native token of an embattled crypto lending firm over the past week and a half.
According to Santiment, large buyers have been accumulating CEL tokens “in a big way” in the last 10 days.
“Celsius and its +290% price surge in 10 days came as traders were disregarding the token. But behind the scenes, big shark and whale addresses were accumulating in a big way.”
The native token of Celsius (CEL) hit a multi-year low of $0.15 on June 13th but rose to a recent high of $1.55 on June 21st, a more than 933% increase.
The asset has since dropped by nearly 40% and is trading for $0.946756 at time of writing.
Celsius announced a temporary halt on withdrawals on June 12, and CEL subsequently crashed by more than 99% from its all-time high.
The firm has not reinstated withdrawals and last week paused its routine ask-me-anything sessions with the public. State regulators across the US have opened investigations into Celsius’ operations.
Santiment also says two factors are potentially bullish for Bitcoin (BTC).
“The ratio of Bitcoin’s supply continues staying low, at levels last seen in November 2018. This is a good signal of limited future selloff risk. In the meantime, Tether supply continues skyrocketing on to exchanges, indicating greater buying power.”
Additionally, Santiment says whale activity surrounding synthetic asset issuer Synthetix (SNX) has surged in tandem with its price over the last two days.
“Synthetix is up +97% since this time on Saturday, and we can clearly see the major surge in SNX whales activity, showing their involvement. The 87th largest crypto asset by market cap typically has 3 $100,000+ transactions a day, and Sunday had 129.”