- TIA’s social and on-chain volume saw almost the same growth as that of Solana and Bitcoin.
- In the short to medium term, Celestia’s market capitalization could remain well below that of the other two.
Celestias [TIA] The official premiere on the market brought so much optimism. But that’s not unusual for newly launched projects, especially those that have built a solid community during the development phase.
Realistic or not, here it is TIA’s market capitalization in SOL terms
The project may sound unfamiliar to non-religious followers of the market. But AMBCrypto explains the basics here. As expected, the hype surrounding Celestia was related to the rewards it offered to early adopters – a promise it kept.
TIA does not follow the standard
However, there is an interesting twist to the arrival of TIA. When a project sends out tokens to its users, it is typically followed by a price drop due to selling pressure, with a few exceptions.
A very recent example of this is Arbitration [ARB]. Since its mainnet, ARB has found it difficult to revive from its launch price.
That was the case for Celestia not the same. At the time of writing, TIA has changed hands at $0.252, thanks to a 13.39% increase in the last 24 hours.
But that wasn’t the only notable development regarding the project. According to Santiment, the discussions around TIA were almost on the same page as those of Bitcoin [BTC] And Solana [SOL].
🗣️ #Celestia‘is successful #mainnet & launch #airdrop has led to this becoming the token that is currently discussed with the highest frequency. Directly behind that, price pumps in front #Solana, #StatusAnd #Theta involve trade interests #Bitcoin. https://t.co/Y5NngI0UYl pic.twitter.com/zN8DSJ202Q
— Santiment (@santimentfeed) November 1, 2023
A match for these kings, but…
For Bitcoin and Solana, it was not surprising to be at the top of the minds of market players. In addition to the price action, there have been interesting stories such as the spot ETF and the growing involvement in it development around Bitcoin and Solana respectively.
As a result, both BTC and SOL are currently seen in a positive light. At the time of writing: Celestias volume on the chain amounted to 365.72 million. Bitcoin’s volume was a whopping 25.69 billion, while Solana’s was 3.84 billion.
Source: Santiment
On-chain volume refers to the volume of coins sent to exchanges from external sources. Sometimes the jump in this volume has a negative effect on the values. But for TIA, this is not the case, especially since Binance hosted the mainnet launch and the first set of acquired tokens.
Therefore, one could say that the increase in volume is a sign of an increase in spot trading and not evidence of potential selling pressure. Nevertheless, traders may need to be wary of TIA’s price action.
As it stands now, there are comments on social media saying that Celestia’s has the potential to grow like Bitcoin and Solana. At the time of writing, there are TIAs Market capitalization amounted to 357.14 million. Solana’s market cap has grown to 18.29 billion, and BTC reached $688.63 million.
Source: Santiment
How many Worth 1,10,100 TIAs today?
Using AMBCrypto’s market cap calculator, TIA’s market cap would need to grow 45.72x to reach Solana’s market cap. In the same vein, the project would need 1806.40x to reach Bitcoin’s market cap.
In the short to medium term, this projection seems very unlikely. However, Celestia should not be ruled out from exponential growth in the near future.