Celestia (TIA) experiences a 13% surge fueled by increased social engagement
The native token of the modular blockchain network Celestia, known as TIA, has experienced a surge in price as discussions about its potential further increase circulate on social media. In the past 24 hours, TIA has risen by 13% and is currently trading at $10.30. The asset’s market cap has also seen significant growth, reaching $1.92 billion, making it the 57th-largest cryptocurrency. Additionally, Celestia’s daily trading volume has increased by 107%, reaching $140 million.
It is worth noting that Celestia reached its all-time high of $20.91 on February 10th but has since experienced a decline of 52%. However, recent data provided by Santiment shows that conversations about Celestia on social media platforms have increased by 78% in the past day. The majority of these discussions are taking place on platforms such as X and Reddit, with investors speculating about a potential price surge.
Celestia, a modular blockchain network, was launched on October 31, 2023, and had 580,000 eligible users for its airdrop. One of the key differences between Celestia and other networks is its implementation of data availability sampling (DAS) instead of executing from consensus. This technique allows for better scalability and the removal of settlement constraints.
In addition to the surge in social volume, the total open interest of TIA has also increased by approximately 12% in the past 24 hours, rising from $91.6 million to $102 million. This rise in open interest could indicate the possibility of high price volatility in the near future, as increased liquidations may occur even with small price movements.
Data from Santiment also shows that the total funding rate aggregated by TIA has risen from 0.005% to 0.011% in the past 24 hours. This indicator suggests that traders are currently betting on a further price rally, despite the marketwide correction.
Overall, the native token of Celestia, TIA, has experienced a bullish momentum as social media users discuss the possibility of a price surge. With a significant increase in social volume and open interest, as well as a rising funding rate, the market for TIA appears to be optimistic about its future performance.
