The blockchain network Celestia faces criticism due to a significant drop in the TIA token price. Co-founder Mustafa Al-Bassam has defended the project, stating that the team remains committed.
Overview of the TIA Token Situation
The price of the TIA token has decreased by 95% amid accusations that the Celestia team was selling large quantities of tokens. Currently, the token is valued at $1.58, which is 92% lower than its peak of $20.91 last June.
Celestia's Response to Criticism
Mustafa Al-Bassam described the criticism as 'ridiculous', stating that significant price fluctuations are normal in crypto. He also emphasized the project's financial strength, with over $100 million and a fully committed team.
Expert Opinions and Market Insights
Experts express doubts about Celestia's strategy, indicating issues with token release for regular investors while the team and early investors appear to profit. In May, investor Larry Sukernik criticized the project for its marketing focus, which he believes did not foster a loyal user base.
The situation surrounding the TIA token highlights growing distrust in Celestia's management strategy as the crypto market faces volatility.
