By: Isha Das
The governance token of Celestia, TIA, has seen a strong surge recently. Users yielding between 15% to 17% from staking TIA on native platforms, minus fees, has led to increased demand for this cryptocurrency. Notably, the token value escalated by over 35% today, pushing its worth a few points above its prior record high of $15.20 to a fresh high of $16.15.
The altcoin, since its launch, has shown over 460% growth from its initial start price of $2.10 to over $16 today, post the dramatic mainnet activation and the airdrop of tokens to 580,000 users on October 31, 2023. Coingecko data reveals that out of a potential supply of over a billion units, there are currently over 145 million units in circulation.
Interestingly, Celestia - a fairly new platform providing modular data availability options seeks to scale a blockchain network with the increase in its user base. Companies like Near Protocol, Arbitrum Orbit, Cartesi, and Cosmology are noted to be using this platform. As per MintScan data, despite a slow start with relatively low on-chain activity of 510,000 transactions in the first two days, the network has recorded over 6.6 million transactions since its launch.
Although TIA's record growth and ambitious target paints a promising picture, investors are advised to remain cautious due to the inherently volatile nature of the crypto market as well as the possible dilution due to the upcoming token unlock in October, which would add to the total quantity of tokens in circulation. However, the potential of Celestia's underlying technology and increasing traction of its interoperability solutions warrants close attention.
© BlockBriefly. All Rights Reserved.