TIA hits another ATH, but is all well with Celestia?
- Active accounts and transactions dropped despite TIA’s price increase.
- Market participants seem to prefer to buy the token on exchanges.
The price of Celestia [TIA] tapped a new high on the 15th of November, as the value skyrocketed to $6.52. The surge in value represented a 4.79% hike in the 24 hours and a cumulative 196.24% increase in the last 30 days.
As a result, the market cap of the Celestia project ran up to number 60. TIA’s performance since its launch has been nothing short of impressive. While there have been pullbacks, the token seems committed to its price discovery model, as AMBCrypto previously reported.
For the uninformed, price discovery is largely driven by demand and supply. For a token like TIA, the surge in value, even when the broader market had a “slow down” period, means that buyers and sellers have not yet found an acceptable price that suits both sides.
Price is not always a healthy sign
However, TIA’s price action did not seem to have a positive all-around effect on the Celestia network. This was because of the indications shown by Mintscan, as 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.
This number represented a significant fall from the previous transaction count over the last 30 days. Following the transactions, in the same direction were the active accounts. Within the last 24 hours, the number of active accounts on the network also dropped.
The above data implies that there has been a decline in the on-chain use of TIA. So, while the price pumped, it seemed to have been a case of more exchange transactions than external involvement.
Active retail, staring whales
Interestingly, TIA continued to experience a surge in exchange listing. For instance, Hong Kong-based crypto exchange Bitfinex also joined the long list of platforms jostling to have a share of the TIA pie.
We've detected that Celestia $TIA has been listed on Bitfinex!
— Crypto Exchange Listing Bot (@crypto_alerting) November 14, 2023
This thesis was also backed by the on-chain volume on the Celestia network. At press time, TIA’s volume had fallen from 897.91 million to 459.12 million. On-chain refers to the transactions taking place from external wallets to exchange addresses.
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So, the decline in the volume confirmed that TIA buyers were more comfortable accumulating the cryptocurrency from exchanges. It also gives the feeling that there are more retail buyers of the token than large investors in recent times.With respect to this, AMBCrypto checked the stablecoin whale supply. As of this writing, the whale supply of stablecoin in TIA’s direction had flatlined, indicating that large investors may have decided to be onlookers for the time being.