Celestia’s TIA token is experiencing a significant decline compared to other major cryptocurrencies. Currently, TIA has dropped by more than 5% in the past 24 hours, trading at $9.44. TIA serves as the native token for Celestia’s modular data availability blockchain, which aims to address scalability issues. The concept behind Celestia originated from cybersecurity expert Mustafa Al-Bassam’s LazyLedger whitepaper in 2019. Al-Bassam’s goal was to create a blockchain ledger focused solely on consensus and making transaction data accessible and verifiable. Celestia claims to have found a potential solution to the blockchain trilemma by outsourcing execution tasks to rollups and Layer 2s.
The recent losses in TIA’s value continue a two-week downward trend, resulting in a 20% decrease in its price. The token seems to be following the broader market movements, exaggerating the losses seen in Bitcoin and Ethereum. Bitcoin has fallen by 3.2% in the last 24 hours and is currently trading at $62,708. Ethereum, its closest competitor, experienced a 4.1% decline during the same period and is valued at $2,993. Solana, another blockchain competing with Ethereum, suffered heavier losses of 8.1%, but its price remains about 20% higher compared to last week at $145.71.
Examining Celestia’s trading chart, it is evident that the token has been on a steady decline of 55% since reaching its all-time high of $20.85 on February 10. Despite this, Celestia has managed to withstand the challenges faced by the cryptocurrency market. It reached a low point above $8 before fluctuating between $9 and $12 in late April and early May. The current relative strength index (RSI) of 34, which is decreasing, suggests that the token will likely continue to depreciate in the short term.
Although Celestia’s TIA is currently ranked as the 60th largest cryptocurrency with a market cap of nearly $2 billion, it appears to be more volatile than the market leaders. Unlike most cryptocurrencies that rallied alongside Bitcoin and reached all-time or recent highs in March, TIA had already peaked in February. Investors who want to track market movements may find more success with the numerous meme coins available. By participating in the presale phase, crypto enthusiasts can potentially benefit from significant price increases if their chosen token goes viral upon listing.
One such meme coin is Solana’s Sealana ($SEAL), which features an all-American redneck seal inspired by South Park’s Gamer Guy character. Within just one week, Sealana has raised over a quarter of a million dollars through its presale. The token represents Web3’s Everyman, symbolizing the idle and overweight individual sitting at their desk. Investors can acquire 6,900 $SEAL tokens for every 1 SOL. Payments can be made through the website or by sending SOL from a decentralized wallet to the provided address. To stay updated on Sealana’s latest developments, users can follow its X account.