The digital currency native to the innovative blockchain network Celestia, known as TIA, has experienced a surge in value as discussions on social media platforms point towards a potential price increase.
Over the past 24 hours, TIA has seen a 13% rise in value, currently trading at $10.30. The market cap of the asset has reached $1.92 billion, positioning it as the 57th largest cryptocurrency. Additionally, the daily trading volume for Celestia has increased by 107%, reaching $140 million.
Despite reaching an all-time high of $20.91 on Feb. 10, TIA has faced a 52% decline since then. Recent data from Santiment reveals that conversations about Celestia on social media have surged by 78% in the last day, with a significant portion of the discussions originating from X and Reddit, where investors are speculating on a potential price surge.
Celestia, a modular blockchain that was launched on October 31, 2023, stands out from traditional blockchains by utilizing data availability sampling (DAS) rather than relying solely on consensus mechanisms. This approach not only aids in network scalability but also eliminates settlement constraints.
In addition to the uptick in social volume, Santiment reports a 12% increase in TIA’s total open interest over the past 24 hours, rising from $91.6 million to $102 million. This rise in open interest could signify an impending surge in price volatility, as higher liquidation rates could occur even with minor price fluctuations.
Market data also indicates a rise in TIA’s total funding rate, climbing from 0.005% to 0.011% in the last 24 hours. This suggests that traders are optimistic about a potential price rally, despite the recent market correction.
In related news, spot BTC ETFs have recorded $0 inflows, leading to a drop in Bitcoin’s price.