Can newbie Celestia match Solana and Bitcoin’s status?

• TIA’s social and on-chain quantity had virtually the identical progress as Solana and Bitcoin.
• Within the quick to mid-term, Celestia’s market cap might stay far under these of the opposite two.

Celestia’s [TIA] official premiere into the market got here with a lot optimism. However that isn’t an odd factor for newly-launched initiatives, particularly those that constructed a strong group in the course of the improvement section.

Sensible or not, right here’s TIA’s market cap in SOL phrases

The mission may sound unfamiliar to non-religious followers of the market. However AMBCrypto explains the fundamentals right here. As anticipated, the hype round Celestia was linked to the rewards it provided early adopters— a promise it saved.

TIA doesn’t comply with the norm

Nevertheless, there was an attention-grabbing twist to TIA’s entrance. Often, when a mission airdrops tokens to its customers, it’s adopted by a worth plunge due to the promoting strain barring a number of exceptions.

A really current instance of that is Arbitrum [ARB]. Since its mainnet, ARB has discovered it troublesome to revive from its launch worth.

For Celestia, it was not the identical. As of this writing, TIA modified palms at $0.252, due to a 13.39% improve within the final 24 hours.

However that was not the one eye-catching improvement associated to the mission. Based on Santiment, discussions round TIA have been virtually at par with these of Bitcoin [BTC] and Solana [SOL].

🗣️ #Celestia‘s profitable #mainnet launch & #airdrop has led to creating it the token being mentioned on the highest elevated frequency at present. Proper behind, worth pumps for #Solana, #Status, and #Theta are bringing in dealer pursuits, together with #Bitcoin. https://t.co/Y5NngI0UYl pic.twitter.com/zN8DSJ202Q

— Santiment (@santimentfeed) November 1, 2023

A match for these kings however…

For Bitcoin and Solana, being atop the minds of market gamers was not stunning. Apart from the worth motion, there have been attention-grabbing narratives just like the spot ETF and rising dedication to improvement round Bitcoin and Solana respectively.

In consequence, each BTC and SOL are at the moment seen in a optimistic mild. At press time, Celestia’s on-chain volume was 365.72 million. Bitcoin’s quantity was a staggering 25.69 billion whereas Solana’s was 3.84 billion.

Supply: Santiment

On-chain quantity refers back to the quantity of cash despatched from exterior sources to exchanges. Typically, the soar on this quantity finally ends up having a detrimental impact on the values. However for TIA, it’s not the case particularly as Binance housed the mainnet launch and first set of tokens acquired.

Subsequently, the surge in quantity might be stated to be an indication of a rise in spot buying and selling not a testomony to potential promoting strain. Regardless of that, merchants may have to be cautious of TIA’s worth motion.

Because it stands, there are feedback round social media saying that Celestia’s has the potential to develop like Bitcoin and Solana. On the time of writing, TIA’s market cap was 357.14 million. Solana’s market cap has grown to 18.29 billion, and BTC was $688.63 million.

Supply: Santiment

How a lot are 1,10,100 TIAs price at present?

Utilizing AMBCrypto’s market cap calculator, TIA’s market cap would wish to develop 45.72x to hit Solana’s market cap. In the identical vein, the mission would require 1806.40x to succeed in Bitcoin’s market cap.

Within the quick to mid-term, this projection appears impossible. Nevertheless, Celestia shouldn’t be dominated out of exponential progress within the close to future.