Celestia’s TIA token gained over 22% in the past 24 hours, bucking the muted broader market trend, as investor interest in staking the token gained momentum alongside rising hype for the blockchain’s underlying technology. TIA traded at just under $17 in the early Asian morning hours Friday before giving back some gains. It recorded nearly $800 million in trading volume in the past 24 hours, its highest to date, data from CoinGecko shows. Staking involves locking coins in a cryptocurrency network in return for rewards. Doing so with TIA on native platforms yields between 15% to 17% annually, minus fees, to users. The unusually high yield compared with the so-called risk-free rate of 4% offered by the U.S. 10-year Treasury note seems to be drawing demand for the cryptocurrency. As of Friday, the market capitalization of TIA is just under $2 billion – meaning as valuations likely grow further in a bull market, participants could make money from both the inflated value of rewards and the initial staked capital.
Crypto ETPs Gained $2.2 Billion of Investment in 2023
