Venture capitalist Chris Burniske is reaffirming his position on one of his key altcoin selections for the current crypto market cycle.
Burniske declares on the platform X that he continues to acquire Celestia (TIA) tokens, expecting a significant rebound even though it is currently 77% lower than its all-time high.
The investor further mentions that concerns regarding TIA’s upcoming large token unlock next month are likely exaggerated.
“Still holding TIA while detractors fearfully latch onto the downward trend. When Celestia rallies, it won’t be me who regrets the thought, ‘Instead of criticizing, I could have been buying TIA <$5…
Everyone seems preoccupied with the ‘major $TIA unlock’ happening in October. Paid groups and those looking to capitalize on momentum are eagerly anticipating, claiming that $TIA will plummet when the ‘evil VCs’ get their liquidity, thus adding to their pricey shorts.
What the TIA pessimists aren’t understanding:
1) The Celestia ecosystem is thriving, with a dedicated and diverse range of developers innovating energetically. It has a vibe reminiscent of early Bitcoin, Ethereum, and Solana.
2) The ‘evil VCs’ who will gain liquidity are unlikely to sell off as expected in October because they recognize the ecosystem’s momentum and the team’s vision. Many of TIA’s principal investors are not as short-term focused as some may think.
3) When the unlock occurs, it’s probable that the market will realize there is significantly less sell pressure than these short sellers expect, which could lead to their positions being liquidated, if not before then.
4) Buyers who have been on the sidelines, concerned about the potential unlock overhang, will find assurance in positive price movements and reduced uncertainty, encouraging them to take action.
5) TIA’s market will be liberated from its current semi-paralyzed state.”
Celestia aims to function as a “modular data availability” blockchain that scales with user demand, allowing users the capability to launch their own chains.
As this report is being written, TIA is priced at $4.84 with a market capitalization of $1.02 billion.
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