crypto.news
The native token of the modular blockchain network Celestia (TIA) gained bullish momentum as social media users discuss a further price surge.
TIA is up by 13% in the past 24 hours and is trading at $10.30 at the time of writing. The asset’s market cap surged to $1.92 billion, making it the 57th-largest cryptocurrency. The daily trading volume of Celestia increased by 107%, reaching $140 million.
Notably, Celestia reached an all-time high of $20.91 on Feb. 10 and has recorded a 52% decline since then.
According to data provided by Santiment, the amount of conversations about Celestia on social media platforms heightened by 78% over the past day. The majority of the social volume comes from X and Reddit with investors discussing a potential price surge.
The modular blockchain was launched on Oct. 31, 2023, with 580,000 eligible users for its airdrop. Celestia’s key difference from other networks — monolithic blockchains — is implementing data availability sampling (DAS) instead of executing from consensus.
This technique helps with scaling the network and also removing settlement constraints.
Apart from the social volume, according to Santiment, the TIA total open interest also surged by around 12% in the past 24 hours — rising from $91.6 million to $102 million. The increased open interest could potentially hint at an incoming high price volatility.
The expectations of high price volatility come since an increased amount of liquidations could happen, even with the smallest price movements.
Data from the market intelligence platform shows that the total funding rate aggregated by TIA rose from 0.005% to 0.011% over the past 24 hours. The indicator shows that traders are currently betting on a further price rally despite the marketwide correction.