Venture capitalist Chris Burniske is doubling down on his bet on Celestia (TIA), a layer-one blockchain project. Despite the token being down 77% from its all-time high, Burniske is buying more, believing it’s poised for a big comeback.
Burniske dismisses concerns about a large token unlock scheduled for next month. He argues that the fear surrounding the unlock is overblown and that the “evil VCs” who will receive liquidity are unlikely to dump their tokens.
Here’s why Burniske is so confident:
- Celestia is thriving: The ecosystem is buzzing with activity, with developers experimenting and building on the platform. He compares it to the early days of Bitcoin, Ethereum, and Solana.
- VCs are long-term believers: The big investors backing Celestia are in it for the long haul and are unlikely to sell their tokens immediately after the unlock.
- Short squeeze potential: When the unlock happens, the market will likely realize there’s less selling pressure than expected, leading to a short squeeze and a price surge.
- Unlock removes uncertainty: The unlock will clear up uncertainty for sidelined buyers, allowing them to jump in and push the price higher.
Celestia aims to be a scalable blockchain that can support a growing number of users. It allows users to launch their own chains, making it a flexible and adaptable platform.
At the time of writing, TIA is trading at $4.84 with a market cap of $1.02 billion.
Disclaimer: This information is for educational purposes only and should not be considered investment advice. Always do your own research before making any investment decisions. /p>
