TIA hits another ATH, but is Celestia okay?

Journalist

Posted: November 17, 2023

• Active accounts and transactions fell despite TIA’s price increase.
• Market participants seem to prefer purchasing the token on exchanges.

The price of Celestia [TIA] reached a new high on November 15, when the value skyrocketed to $6.52. The increase in value represented an increase of 4.79% in the 24 hours and a cumulative increase of 196.24% over the past 30 days.

As a result, the market capitalization of the Celestia project rose to number 60. TIA’s performance since launch has been nothing short of impressive. Although there have been pullbacks, the token appears to be sticking to its price discovery model, like AMBCrypto earlier reported.

For the uninformed, price discovery is largely determined by supply and demand. For a token like TIA, the increase in value even when the broader market experienced a “slowdown” period means that buyers and sellers have not yet found an acceptable price that suits both parties.

Price is not always a healthy sign

However, TIA’s price action did not appear to have a positive overall effect on the Celestia network. This was due to the instructions from Coin scanas evaluated by AMBCrypto.

According to the data considered, there have been a total of 32,064 transactions on the Celestia chain in the last 24 hours.

Source: Mintscan

This number represented a significant decrease from the previous number of transactions in the past 30 days. After the trades, the active accounts moved in the same direction. Within the past 24 hours, the number of active accounts on the network has also dropped.

The above data imply that there is a decrease in the use of TIA in the chain. So while the price went up, it seemed there was more barter transactions than external involvement.

Active retail, staring whales

Interestingly, TIA continued to experience a strong increase in stock market listings. For example, Hong Kong-based crypto exchange Bitfinex also joined the long list of platforms vying for a share of the TIA pie.

We discovered that Celestia $TIA is listed on Bitfinex!

View on Bitfinex: https://t.co/C3ZZxgBAbS
https://t.co/EcooA4WgWd

— Crypto Exchange listing bot (@crypto_alerting) November 14, 2023

This thesis was too supported by the on-chain volume on the Celestia network. At the time of writing, TIA’s volume had fallen from 897.91 million to 459.12 million. On-chain refers to the transactions that take place from external wallets to exchange addresses.

Is your portfolio green? look at the TIA profit calculator

Thus, the drop in volume confirmed that TIA buyers were feeling more comfortable accumulating the cryptocurrency through exchanges. It also gives the feeling that there have been more private buyers of the token than large investors lately.

Source: Santiment

Related to this, AMBCrypto controlled the supply of stablecoin whales. At the time of writing, stablecoin supply towards TIA had leveled off, indicating that major investors may have decided to watch for the time being.