Can newbie Celestia match Solana and Bitcoin’s status?

• TIA’s social and on-chain volume had almost the same growth as Solana and Bitcoin.
• In the short to mid-term, Celestia’s market cap may remain far below those of the other two.

Celestia’s [TIA] official premiere into the market came with so much optimism. But that is not a strange thing for newly-launched projects, especially those who built a solid community during the development phase.

Realistic or not, here’s TIA’s market cap in SOL terms

The project might sound unfamiliar to non-religious followers of the market. But AMBCrypto explains the basics here. As expected, the hype around Celestia was linked to the rewards it offered early adopters— a promise it kept.

TIA does not follow the norm

However, there has been an interesting twist to TIA’s entrance. Usually, when a project airdrops tokens to its users, it’s followed by a price plunge because of the selling pressure barring a few exceptions.

A very recent example of this is Arbitrum [ARB]. Since its mainnet, ARB has found it difficult to revive from its launch price.

For Celestia, it was not the same. As of this writing, TIA changed hands at $0.252, thanks to a 13.39% increase in the last 24 hours.

But that was not the only eye-catching development related to the project. According to Santiment, discussions around TIA were almost at par with those of Bitcoin [BTC] and Solana [SOL].

?️ #Celestia's successful #mainnet launch & #airdrop has led to making it the token being discussed at the highest increased frequency today. Right behind, price pumps for #Solana, #Status, and #Theta are bringing in trader interests, along with #Bitcoin. https://t.co/Y5NngI0UYl pic.twitter.com/zN8DSJ202Q

— Santiment (@santimentfeed) November 1, 2023

A match for these kings but…

For Bitcoin and Solana, being atop the minds of market players was not surprising. Besides the price action, there have been interesting narratives like the spot ETF and growing commitment to development around Bitcoin and Solana respectively.

As a result, both BTC and SOL are currently viewed in a positive light. At press time, Celestia’s on-chain volume was 365.72 million. Bitcoin’s volume was a staggering 25.69 billion while Solana’s was 3.84 billion.

Source: Santiment

On-chain volume refers to the volume of coins sent from external sources to exchanges. Sometimes, the jump in this volume ends up having a negative effect on the values. But for TIA, it’s not the case especially as Binance housed the mainnet launch and first set of tokens acquired.

Therefore, the surge in volume could be said to be a sign of an increase in spot trading not a testament to potential selling pressure. Irrespective of that, traders might need to be wary of TIA’s price action.

As it stands, there are comments around social media saying that Celestia’s has the potential to grow like Bitcoin and Solana. At 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.

Source: Santiment

How much are 1,10,100 TIAs worth today?

Using AMBCrypto’s market cap calculator, TIA’s market cap would need to grow 45.72x to hit Solana’s market cap. In the same vein, the project would require 1806.40x to reach Bitcoin’s market cap.

In the short to mid-term, this projection seems very unlikely. However, Celestia should not be ruled out of exponential growth in the near future.