About 175 million locked Celestia (TIA) tokens were unlocked on October 30, including a release to early investors, which will increase the token supply by 80%, the largest single unlocking event since the token was launched last October. The tokens are currently worth $920 million and are trading at just over $5 per coin.
David Shuttleworth, a partner at Anagram, said: "There could be some noticeable impact" or lead to increased volatility. He noted that the number of tokens unlocked is several times the average daily trading volume of TIA between $50 million and $200 million over the past month. Crypto analyst Will Clemente said the likelihood of TIA bouncing after unlocking has increased, saying: "Bitcoin price action further reduces the likelihood of a bearish impact on the market from TIA unlocking on Thursday."
Opinion: The amount of TIA unlocked is several times the average daily trading volume, which may lead to increased volatility
2024-10-29 22:43:45
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