Despite the volatility and uncertainty in the crypto markets, some influential figures remain confident in certain projects. Former president of Ark Invest and current partner at Placeholder VC, Chris Burniske, recently reiterated his confidence in the altcoin TIA. On September 15, Burniske took to social media to express his belief that TIA, the native token of CelestiaOrg, is greatly undervalued despite the current market sentiment.
Burniske Talks About Altcoin Celestia
In his recent comments, Burniske criticized those taking short positions on TIA, boldly stating: “I’m still bullish on TIA, and only cowards short it. When CelestiaOrg recovers, I won’t be the one thinking, ‘I could’ve bought TIA under $5,’ but rather those who mocked it will regret their shorts.” Burniske’s strong endorsement of Celestia highlights his belief in the project’s potential and suggests that the token is currently undervalued.
4/ What $TIA bottom trolls aren’t grasping:
1) @CelestiaOrg as an ecosystem is firing on all cylinders, with an ideologically committed & diverse set of builders experimenting with zeal. Reminds me of early Bitcoin, Ethereum and Solana energy.
2) The “evil VCs” that’re given…
— Chris Burniske (@cburniske) September 15, 2024
According to Chris Burniske, investors shorting TIA are overlooking its fundamental value. Burniske pointed out several key factors that short sellers are missing:
- CelestiaOrg’s Ecosystem is Fully Operational: Burniske emphasized that Celestia is backed by an active and robust developer community. This passionate group of developers, with diverse talents, is continually working on the ecosystem, pushing the project forward.
- VCs Unlikely to Make Major Sales in October: Burniske dismissed concerns that venture capitalists backing Celestia would dump their tokens during October’s liquidity event. He argued that these investors have seen the progress of the ecosystem and are not likely to initiate a massive sell-off.
- Long-Term Focus of Key Supporters: He also noted that major backers of TIA are not solely focused on short-term gains. Despite external criticism, these investors are evaluating the project with a long-term perspective, trusting in Celestia’s future potential.
- Positive Price Movements Could Attract Buyers: Burniske believes that as uncertainty decreases and TIA’s price movements show positive trends, potential buyers who have been waiting on the sidelines will likely enter the market. He added that the resolution of certain market pressures will prompt more buyers to participate.
TIA’s Market Performance: Signs of a Bull Run
Burniske’s confidence in TIA is backed by recent market data. According to figures from the HTX exchange, TIA’s value surged by over 11% in just 24 hours on September 15, temporarily trading at $4.94. This price spike caught the attention of other investors, sparking more speculation about TIA’s potential.
In the crypto markets, short-sellers typically profit by betting that an asset’s value will decrease. However, as Burniske suggested, the current dynamics of Celestia and the strong commitment to the project make such a decline unlikely. On the contrary, the ecosystem’s growth potential and TIA’s future price action may offer a long-term investment opportunity, in contrast to short-term profit-driven strategies.
As Chris Burniske highlighted, short-term pessimism surrounding TIA might be misplaced, and the long-term fundamentals of Celestia suggest a bright future. Investors focused on short-term gains may miss out on the larger growth opportunities that lie ahead for TIA. The recent price performance and the strength of the ecosystem indicate that this altcoin may be significantly undervalued, presenting an exciting opportunity for those willing to think long-term.
