- Celestia Foundation announced $100 million in funding led by Bain Capital Crypto.
- TIA token skyrocketed a massive 17% following the announcement.
- Syncracy Capital, 1kx, Robot Ventures, Placeholder, and others also participated in the funding.
Celestia Foundation, the developer of the modular blockchain Celestia, has raised a substantial $100 million in funding. This news led to a 17% surge in the price of its TIA token in the past 24 hours, significantly outperforming most altcoins.
This latest funding round, led by Bain Capital Crypto with participation from other notable investors, brings Celestia Foundation’s total funding to $155 million.
The project has seen significant growth since its Mainnet Beta launch in October 2023, adding 20 rollup chains and also releasing their ambitious technical roadmap, “1 GB blocks to Build Whatever.
TIA Token Soars 17%
According to the data from CoinMarketCap, TIA is up 17% in the past 24 hours and is trading at $6.38 at the time of publication. The cryptocurrency has climbed 32.10% in the past week alone and 9.28% in the last 30 days.
Read also: TIA Faces Market Uncertainty Ahead of Token Unlock Event
Further, the altcoin has returned 203.72% since September 2023 and has achieved a market cap of $1.35 billion, making it the 54th-largest digital asset in the space.
TIA Price Analysis
Looking at the chart, TIA started the daily candle at a high of $6.64 and went as far as $6.9 where it appears to have met resistance. Consequently, the cryptocurrency fell to a low of $6.35 and is still trying to overcome the resistance.
The Relative Strength Index (RSI) reads a value of 64.14 which means that the bulls are overall in charge of the TIA price action and the altcoin might soon hit the oversold levels which might be a good time to capitalize on the gains made thus far
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