Venture capitalist Chris Burniske is reasserting his stance on one of his main altcoin picks for this crypto market cycle.
Burniske says on the social media platform X that he’s still loading up on Celestia (TIA) tokens, anticipating a massive recovery despite being 77% down from its all-time high.
The investor also says that fear surrounding TIA’s large token unlock next month is likely overblown.
“Still longing TIA while haters spinelessly pile onto the downside momentum. When Celestia recovers, it’s not me that will be haunted by the thought, ‘Instead of jeering, I could have been buying TIA <$5…
Everyone and their mother is fixated on the ‘big $TIA unlock’ in October. Paid groups and momentum bottom trolls are drooling with delight, claiming $TIA will get crushed when the ‘evil VCs’ are given liquidity, hence piling onto these expensive shorts.
What TIA bottom trolls aren’t grasping:
1)Celestia 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 liquidity are unlikely to unload as anticipated in October because they see the ecosystem traction and aspirations of the team. Many of TIA’s biggest backers are less short-term oriented than portrayed.
3) When the unlock happens, it’s likely Mr. Market realizes there’s far less sell pressure than these shorts are anticipating, and the shorts get blown out, if they don’t get blown out before.
4) Buyers that have been sidelined, worried about the overhang of the unlock, will both be reassured by positive price action, as well as the reduction of uncertainty, allowing them to take action.
5) TIA market released from its current semi-paralysis.”
Celestia aims to be a “modular data availability” blockchain that scales along with the number of users it has, and provide users with the ability to launch their own chain.
At time of writing, TIA is trading at $4.84 with a market cap of $1.02 billion.
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The post Investor Chris Burniske Doubles Down on One Layer-One Altcoin Play While Shorts Pile Up – Here’s Why appeared first on The Daily Hodl.