The cryptocurrency of the Celsius platform is in the top hundred by market capitalization, which is $477 billion with a trading volume of $22 million, according to Coingecko. In the first two weeks of August, the coin increased in price by 300% (from $ 1.07 to $4.37), then in 10 days its rate fell by 73% (back to $ 1.17).
According to the head of the ICB Fund investment department, the CEL token will remain subject to significant price hikes in the near future. Chomsky explained that the driver will be speculation regarding the cryptolanding platform from both insiders and manipulators who are able to create the necessary information noise with the help of bots.
“Ordinary crypto investors should not get involved in this game, because the future of the project looks very vague,” the expert warned.
Similar problems
Among other crypto platforms undergoing restructuring, only the exchange from Thailand, Zipmex, has issued its native token, Chomsky noted. But he clarified that judging by the company’s reports, there are investors who will help it survive “difficult times.”
Not only Celsius, Zipmex and other well—known cases in the industry – Three Arrows Capital, Babel Finance, Voyager Digital, Vauld, Hodlnaut, Nuri and Bluebenx – may have liquidity problems, the expert believes. He recalled that Binance reported on rescue negotiations with 50 companies. The deterioration of market conditions may lead to the replenishment of this list, Chomsky believes.
