On October 31st, Celestia will release tokens worth a whopping $1.1 billion.
Additionally, $300 million in Cheelee tokens will be available starting on October 31st. Let’s discover more about this important crypto unlock. First, let’s see what is Celestia.
What Is Celestia?
Celestia is a unique network designed to help users easily launch their blockchains. The founders of Celestia wanted to make blockchain development simple for everyone. Their goal is to make it possible for developers to launch their blockchains just like deploying smart contracts, which are small pieces of code that can perform tasks automatically.
As of now, 175.75 million Celestia TIA tokens are being unlocked, which will take a significant chunk out of October’s total token releases. According to DropsTab, a crypto vesting tracker, these tokens will go to the project’s initial core contributors, research and development teams, and early investors.
$TIA Token Unlock: Looming Crisis ?
Despite being down 80% from its ATH, $TIA is still up 1x since its listing. But a massive unlock is coming soon, raising concerns over a potential crisis
Key Stats 🗝️ :
With a circulating market cap of ~$870M, which represents only 20% of the… pic.twitter.com/khwFmhgITj— Token Unlocks (@Token_Unlocks) September 9, 2024
The Celestia tokens have experienced some ups and downs. Earlier this year, the price of TIA reached an all-time high of $20.85 on February 10TH. However, it has been on a downward trend since then, currently priced at around $6.51.
What This Means for Investors
The upcoming release of $1.1 billion worth of Celestia tokens and the $300 million in Cheelee tokens could shake things up in the crypto world. For investors, this means more opportunities to get their hands on new tokens. It’s a chance to potentially buy into projects that could grow in value over time.
You still staking TIA ?
Unlock comes in about 40 days btw pic.twitter.com/RalTCRl4i8
— Anon Vee (@AnonVee_) September 23, 2024
However, investors need to keep their eyes peeled. The release of so many tokens at once can lead to changes in price. If many people decide to sell their tokens right after they are unlocked, the prices could drop further.
Disclaimer
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