Celestia’s TIA token took an unconventional path, surging by 480%, defying the norms for airdropped tokens. Cointelegraph delves into the reasons behind the enduring optimism among traders regarding Celestia.
Since its launch on October 31, 2023, Celestia’s modular blockchain has witnessed remarkable growth, notably distributing TIA tokens to 580,000 users via an airdrop during its mainnet debut. Starting at $2.10, TIA’s value soared by over 460%, presently standing at $13.
Initially, the altcoin had a slow start regarding on-chain activity, facilitating only 510,000 transactions in its first two days, as per MintScan data. However, as traders’ interest surged, so did TIA’s price, leading to a remarkable increase in on-chain activity. The network has now processed over 6.6 million transactions since its launch.
Compared to its competitor, Cosmos, Celestia has displayed higher activity, averaging 5.9 million transactions versus Cosmos’ 2.3 million over the last month, per MintScan.
Santiment data reveals an 85% growth in Celestia’s activity within a mere two weeks. While social engagement and development activity dipped recently, the metrics have shown signs of resurgence in 2024, according to Santiment, an on-chain analytics firm.
TIA’s price surged in tandem with on-chain engagement, fueled by increased user interaction with the blockchain. The demand for TIA escalated, driven by the desire to earn substantial staking rewards within the Cosmos Ecosystem and Osmosis. Moreover, staking TIA carries the expectation of potential token airdrops from projects integrated into Celestia, akin to Solana’s Jito and Marinade DeFi protocols in December 2023.
TIA’s price stood at $13 on January 3, marking a 42% increase in 30 days and an impressive 481% surge over the past 90 days.
Within a mere 15 days, TIA’s market cap skyrocketed from negligible to a staggering $885 million on November 15, 2023. Presently, its market capitalization stands at $1.9 billion, as per CoinMarketCap data.
This surge in TIA’s value seems aligned with Celestia’s mainnet beta launch, marking the dawn of the modular blockchain era on October 31, 2023.
