The native token of the modular blockchain network Celestia (TIA) has experienced a bullish surge, spurred by heightened discussions on social media platforms about a potential price increase.
In the past 24 hours, TIA has risen by 13%, trading at $10.30 at the time of writing. This price boost has propelled its market cap to $1.92 billion, making Celestia the 57th-largest cryptocurrency. The daily trading volume for Celestia also saw a significant increase of 107%, reaching $140 million.
Despite this recent surge, Celestia is still 52% below its all-time high of $20.91, recorded on February 10. According to data from Santiment, the volume of social media conversations about Celestia has increased by 78% over the past day, primarily driven by discussions on platforms like X and Reddit where investors speculate on further price increases.
Launched on October 31, 2023, Celestia differentiates itself from traditional monolithic blockchains by utilizing data availability sampling (DAS) instead of executing transactions from consensus. This approach aids in scaling the network and removing settlement constraints.
In addition to the social media buzz, Santiment data shows that TIA’s total open interest surged by approximately 12% in the past 24 hours, rising from $91.6 million to $102 million. This increase in open interest suggests potential high price volatility, as even minor price movements could lead to significant liquidations.
Market intelligence data also indicates that TIA’s total funding rate rose from 0.005% to 0.011% over the past 24 hours. This metric reveals that traders are currently betting on a continued price rally, despite broader market corrections.
Celestia’s recent performance highlights the impact of social media sentiment on cryptocurrency markets, as investor discussions and speculative activity can significantly influence token prices and trading volumes.
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