Celestia (TIA) experiences a 13% surge in value as social media engagement intensifies.
The native token of the modular blockchain network, Celestia (TIA), has seen a rise in bullish momentum as users on social media platforms discuss the possibility of further price increases. Within the past 24 hours, TIA has increased by 13% and is currently being traded at $10.30. This surge has led to a market capitalization of $1.92 billion, positioning TIA as the 57th-largest cryptocurrency on the market. Furthermore, Celestia’s daily trading volume has risen by 107%, reaching $140 million.
It is worth noting that Celestia previously reached an all-time high of $20.91 on February 10th, but has since experienced a decline of 52%.
Santiment data reveals that conversations surrounding Celestia on social media have increased by 78% in the past day. These discussions predominantly occur on platforms such as Twitter and Reddit, where investors are predicting the potential for a price surge.
Released on October 31, 2023, Celestia is a modular blockchain that initiated an airdrop for 580,000 eligible users. Key differentiating it from monolithic blockchains is the implementation of data availability sampling (DAS) in place of executing from consensus. This technique enables scalability and removes settlement constraints.
In addition to the surge in social activity, Santiment reports a 12% increase in TIA’s total open interest, rising from $91.6 million to $102 million. This rise in open interest may indicate the possibility of high price volatility in the near future, as even the slightest price movements could trigger increased liquidations.
Market intelligence also reveals that TIA’s total funding rate has risen from 0.005% to 0.011% within the past 24 hours. This suggests that traders are currently betting on a further price rally, disregarding the correction occurring in the cryptocurrency market as a whole.