<strong>Celsius Short Squeeze, Ukraine Sells Donated CryptoPunk, TimesSquare Enters the Metaverse</strong>

Celsius Short Squeeze

This week, the Celsius community conducted a retail-driven short squeeze of the CEL token. The movement started on Twitter with the #CelShortSqueeze. The price of the CEL token spiked 150% up in less than two days. A short squeeze happens when market makers drive the price up to liquidate leveraged shorts.

On twitter there has been a popular trend encouraging people to buy Celsius tokens on centralized exchanges and put them up for sale on decentralized exchanges for $100.  

Due to Celsius pausing withdrawals and deposits, 87% of CEL tokens are stuck on the platform. That means there are very few CEL tokens in circulation. By removing CEL tokens from centralized exchanges, the Celsius community is decreasing the supply.

Ukraine Sells Donated CryptoPunk

The Ukrainian government announced that it sold a donated CryptoPunk for 90 ETH, raising $100,000 for their war against Russia. So far, the Aid for Ukraine crypto fund has raised over $135M in cryptocurrency and NFT sales. All funds aid Ukrainians with defense weapons, medical supplies, and other war-related expenses.   

“Breaking news on crypto donations: #CryptoPunk #5364 has been sold for 90 ETH. It's over $100K. A few months ago, this NFT was donated to the @_AidForUkraine fund. Crypto community continues to support Ukraine,” tweeted Alex Bornyakov, Ukraine Deputy Minister of Digital Transformation.

Ukraine started accepting crypto in February, shortly after the Russian invasion. In April, their donations platform expanded to accepting NFT donations as well.   

 

TimesSquare Enters the Metaverse

TIMEPieces, a Web3 community initiative from TIME Magazine, partnered with The Sandbox, to build TIME Square in the metaverse. Inspired by New York’s entertainment and tourist attraction hub, the virtual Time Square will be a venue for convening, art, and commerce. “Our goal is to create a destination that will be the heart of the metaverse,” said TIME President Keith A. Grossman

“Since launching TIMEPieces in September 2021, we have focused on developing a community in Web3 that benefited from the incredible 100-year legacy and access TIME has established,” Grossman said.

“Since launching TIMEPieces in September 2021, we have focused on developing a community in Web3 that benefited from the incredible 100-year legacy and access TIME has established.” Grossman said.

Written by Lindi Miti © Crypto University 2022