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BerandaNewsExpert Signals Potential: Ethereum Altcoin Tipped for 100x Growth Similar to Solana

Expert Signals Potential: Ethereum Altcoin Tipped for 100x Growth Similar to Solana

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  • Upcoming token unlock on October 31 could release 17.57% of Celestia’s total supply, potentially impacting market prices.
  • Historical data from Solana suggests that significant token unlocks can precede major price increases, despite initial market reactions.

Chris Burniske, a venture capitalist and former crypto analyst, recently discussed the performance of Celestia (TIA), drawing comparisons to the early market movements of Solana (SOL) in 2020. 

According to Burniske, who is now a partner at Placeholder, despite Celestia’sprice correction, similar patterns were observed with Solana, which initially saw a substantial price drop only to later surge by approximately 10,000% in 2021.

Read more: Anza’s Crucial Upgrade Targets Solana Network Congestion Issues

Currently, Celestia’s token, TIA, is priced at $9.55, marking a 5.6% decrease from its highest recorded price.

TIA_1D_graph_coinmarketcap
Source → Coinmarketcap

This decline has led to concerns and criticisms among investors, especially in light of an upcoming event on October 31 when 17.57% of Celestia’s total token supply will be made available to the market. 

This kind of token release can lead to potential selling pressure as more units become available for trading.

Burniske also referenced Solana’s experience, noting that in December 2020, around 80% of Solana’s total supply was released, which was followed by significant price increases.

This historical precedent suggests that while immediate market reactions to token unlocks can be negative, they may precede substantial price gains.

Related: IRS and Chainalysis Join Forces to Monitor and Tax Bitcoin, Ethereum, and Litecoin in US Wallets

He advised investors to maintain perspective, implying that the ability to endure market downturns without panic selling can potentially lead to significant returns, echoing the price trajectories seen in successful blockchain projects like Solana

The analysis by Burniske highlights the cyclic nature of crypto markets and the importance of strategic patience in investment decisions.

 

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Isai Alexei
Isai Alexei
As a content creator, Isai Alexei holds a degree in Marketing, providing a solid foundation for the exploration of technology and finance. Isai's journey into the crypto space began during academic years, where the transformative potential of blockchain technology was initially grasped. Intrigued, Isai delved deeper, ultimately making the inaugural cryptocurrency investment in Bitcoin. Witnessing the evolution of the crypto landscape has been both exciting and educational. Ethereum, with its smart contract capabilities, stands out as Isai's favorite, reflecting a genuine enthusiasm for cutting-edge web3 technologies. Business Email: info@ethnews.com Phone: +49 160 92211628
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