Why Is TIA Pumping? Does Celestia Have Potential for More?

• Celestia native token TIA has surged 14% in the past 24 hours.
• “Airdrop to 190,000 recipients from a pool of 610,000 eligible accounts.

In the midst of a tumultuous market, the emergence of Celestia, a modular blockchain network, has stunned the crypto sphere. Despite a 2.08% dip in global market capitalization over the past day, Celestia’s native token, TIA, has surged to an all-time high of $6.45, marking a remarkable 14% spike in the same timeline.

Unveiled on October 31st, 2023, Celestia’s mainnet launch was eagerly anticipated and garnered significant support from major exchanges such as Coinbase and Binance, both of which announced backing for the TIA token ahead of the network’s debut.

At present, TIA is trading slightly below its peak at $6.05, yet still boasting an impressive 161% surge in the last week. The token’s trading volume has risen by 3%, hitting $869 million. Notably, Celestia has swiftly climbed into the top 50 cryptocurrencies by market capitalization, according to CoinMarketCap.

Celestia: Strong Competitor?

The ATH surge was accompanied by an airdrop to over 190,000 individuals, despite a larger eligible pool of 610,000 recipients. The journey of Celestia’s TIA navigated through volatility earlier in the week, culminating in a rebound over the past two days. The token has gained substantial traction across various social media platforms, maintaining its position as a trending coin in the crypto community.

Analysts are increasingly viewing Celestia as a formidable contender against established players like Ethereum (ETH) and Solana (SOL). Its listing on Binance has notably bolstered its momentum, showcasing promising scalability solutions.

From a trader’s perspective, a cautious estimate hints at TIA potentially reaching around $11 by the close of the year. This projection anticipates the current upward momentum tapering off, potentially triggering a corrective phase. A hypothetical scenario considers a pullback towards the $3.40 zone, setting the stage for a significant upward surge.