$CEL - a BK memecoin but broadly listed across CEX setting itself up for some fireworks
Price already moved 100%+ since I picked this up but I’ll keep this brief. There’s also no liquidity what-so-ever so it’s mostly for PA and the for lolz — there isn’t much fundamentals for now but I could see parties buying it out as a shell play. In any case, folks familiar with crypto would know that Celsius went BK in the LUNA - 3AC - FTX Saga while being reckless and dishonest about its lending + tapping into client funds. As the BK process proceeds, within the past 24 hours the entity proceed to burn all of its supply of 650 mm CEL tokens: https://etherscan.io/tx/0xe4bdc09a717dbb9c97f7f1288b37e63c1e61a724aab5b4196db613910ead067e This basically leaves CEL with a remaining supply of 40.5 mm, and with a token price of 25-30 cents, a ~10 mm USD memecoin but listed across major centralized exchanges: Looking at the holders list, it’d appear: OKX owns 30% 12.5% in Defi (Uniswap + Bridge) 6-8% in other tier-2 exchanges (idex, bybit, mexc, huobi, etc) This leaves basically half the float out there in everyone else’s hands. Assuming funds actually own this thing, the token being down 95%+ since its peak in 2021 basically suggests it’s effectively written off. What you get, therefore, is a memecoin less famous than the likes of FTT, VGX, Luna and the likes; the LUNA complex trades at 300-500 mm, FTT at 400-500 mm, and VGX for all its lack of fame is still at around 25 mm. The trade is simple — rip into CEL and ride this thing until it gets picked up by CT and dump it when attention peaks on say the likes of Kaito. There’s clearly significant risk to this play: There’s no fundamentals. And existing CEL owners could dump on u with no liquidity on the tape. But I guess it’s better than the rugs people ape into. CEL could really get delisted — but we think it may take a while; and even more so if this thing trades decent volume. 8 mm on OKX the past 24 hours is honestly not bad. More news about Celsius, but honestly I think any news that brings attention to the token is good news. I bought some $CEL for the lolz. Don’t try this at home hehe.