Celestia’s TIA Price Falls 5%, as Capital Shifts to Upcoming Solana Meme Coin
Celestia’s $TIA has fallen more than 5% in the last 24 hours to trade at $9.44 as of this writing.
TIA is the native token powering Celestia’s modular data availability blockchain, a new solution to the problem of scalability.
Celestia stems from British cybersecurity expert Mustafa Al-Bassam’s 2019 whitepaper, LazyLedger.
His goal was to create a blockchain ledger that doesn’t do any computation or execution, it just focuses on consensus and making transaction data on the ledger available for anyone to access and verify.
By outsourcing execution tasks to rollups and Layer 2s, Celestia claims it has found a potential solution to blockchain’s classic trilemma.
That’s the idea that improvements in a blockchain’s decentralization, security or scaleability necessarily result in compromises in the other categories.
Celestia’s intraday losses continue a two-week losing streak that has plunged TIA by 20%.
The token appears to be tracking broader market movements today. It is currently exaggerating losses posted by market leaders Bitcoin ($BTC) and Ethereum ($ETH).
Bitcoin fell 3.2% over the last 24 hours and currently trades at $62,708. Nearest rival Ethereum fell 4.1% over the same period and changes hands at $2,993.
Ethereum’s number one competitor as the blockchain for apps and DeFi, Solana ($SOL), posted heavier intraday losses of 8.1%, although at $145.71, that’s still about 20% pricier than it was this time last week.
Celestia’s trading chart shows a token that has been in steady 55% decline since setting a new all-time high of $20.85 on February 10.
However, in spite of this, it has weathered crypto’s headwinds well. It bottomed out above $8 before spending late April/early May seesawing between $9 and $12.
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