Celestia's Shocking Thunder! Co-founder Cashes Out $25 Million, Is the Modular Leader Going to Fail?
News:
Market Sentiment - Retail Investors Crying, Institutions Running Away, Is the Modular Narrative Crumbling?
A lengthy post on Twitter yesterday directly ignited the crypto community, @0xCircusLover publicly hammering on Celestia's executives for collectively cashing out, manipulating public opinion, and even buying out competitors to suppress rivals. Key Information Points:
Executives Precisely Offloading: The C-level team went on a selling spree after the token unlock in October 2024, with co-founder Mustafa reportedly cashing out $25 million in over-the-counter transactions before fleeing to Dubai. During the same period, the unlock amount of TIA tokens accounted for 80% of the circulating supply, and the market cap evaporated over 90%, plummeting from $3.9 billion to $1 billion, marking an epic harvest.
Financing Turns into a Tool for Harvesting Retail Investors: The $100 million financing announced last October was actually old news from several months ago when it was sold to institutions over-the-counter, brutally packaged as good news to pump the price, coinciding with the unlocking period. On-chain data shows that the team has cumulatively sold over $109 million, and COO Nick White’s statement “I haven't sold a single TIA” has been mocked by the community as the annual joke.
Ecosystem Data Collapse: Daily revenue at the DA layer plummeted from $1.6 million to less than $100, on-chain transaction volume shrank by 99%, and the staking scale dropped from the tens of billions to just over a billion.
The modular story can’t be told anymore; the market is voting with its feet.
Technical Analysis:
TIA price dropped from a historical high of $19.07 to $1.56, breaking down on the weekly level, MACD death cross trending down, RSI is oversold but shows no signs of rebound. The technicals have completely turned bearish, with short-term support at $1.20; falling below that could lead to zero.
Personal Opinion:
Celestia's operations have turned “decentralization” into a “cash machine for executives.” The modular narrative needs real use cases to support it, not just hype from KOLs and schemes from institutions. In the short term, the project has entered a death spiral; in the long term, unless there are technological breakthroughs and a complete overhaul, it will be hard to turn around.
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