One Twitter user stated that he is waging a “war” on shorts while urging others to post more short squeeze content.
The Celsius (CEL) community has once again united on Twitter to reflect short positions against their favorite crypto token despite several challenges the exchange is facing, including bankruptcy and rumors that the company’s CEO is fleeing the US.

Thousands of tweets with the #CelShortSqueeze hashtag have been posted on the social media platform to promote their long positions on CEL, as well as encourage others to do the same and post more content about the short squeeze. According to Twitter user Logantheinvestor, the community is “at war with the shorts.” Another user wrote:

Short selling is a strategy that investors can use to capitalize on a decline in the value of a token or stock. It involves borrowing shares and selling them immediately in order to buy them later at a lower price. On the other hand, a short squeeze occurs when opposing investors start to buy short assets en masse, and instead of falling, prices rise, resulting in losses for short sellers.

This is not the first attempt by the Celsius community to shorten the CEL. Back in June, community members calling themselves “Celsians” devised an unofficial recovery plan to force sellers of short CEL positions to abandon their positions by raising the price of the token.

Related: Celsius vows to return after bankruptcy, but expert fears repeat of Mt Gox

In July, Celsius informed its users that it had filed for Chapter 11 reorganization, which was also interpreted as a bankruptcy filing. This follows the company’s infamous liquidity crisis, which prevented users from withdrawing their funds from the platform.

After filing for bankruptcy, the company’s lawyers argued that its 1.7 million registered users had given up legal rights to their digital assets. Attorney David Silver summed up Celsius’ claims by stating that when crypto is deposited in “earn and borrow” accounts, users should stop considering the assets as their own.

Source: CoinTelegraph