Celestia (TIA) Gains 14% Following Network Upgrade Announcement
August 13 2024 - 7:00PM
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Celestia gains ground against the bears after the platform gave new
info about the upcoming network upgrade named Lemongrass. According
to CoinGecko, TIA has been up more than 13% since last week,
successfully getting the token into the spotlight. The newly gained
momentum can be attributed to the network’s first upgrade, which
will change the user experience of the network as a whole due to
the features it’ll implement. Related Reading: Ethereum Nears Key
Bearish Triangle Apex: Breakdown To $2,160 Target Looms With the
market’s general upward momentum, TIA might be in the perfect
position to continue its upward movement. However, investors should
still be wary of upcoming macroeconomic indicator announcements
that might favor the bears. Lemongrass: Celestia’s First Network
Upgrade Celestia’s official X account posted about the Lemongrass
upgrade, giving it the too-long-don’t-read treatment. The post
details several features that will be part of Lemongrass.
“Developed and coordinated with the community, Lemongrass includes
1-click Tia interactions with other IBC chains, Interchain
accounts, and a new upgrade mechanism,” Celestia said.
Celestia’s first upgrade, Lemongrass, is coming. 🍵 Developed and
coordinated with the community, Lemongrass includes 1-click Tia
interactions with other IBC chains, Interchain accounts, and a new
upgrade mechanism. pic.twitter.com/Lu6f3vWeU9 — Celestia
(@CelestiaOrg) August 8, 2024 In the platform’s official blog post
regarding the upgrade, the new features are part of several
proposals that were approved by the community. One of which is the
price enforcement feature. This will set a minimum gas price for
transactions, making the network more efficient and “ensures that
the cost of using the network is adequately accounted for.” The
most notable of all the changes is the implementation of interchain
accounts on the platform. Through the Inter-Blockchain
Communication protocol, accounts on Celestia can now be accessed
and controlled on other IBC-enabled chains, giving users from both
ecosystems flexibility and convenience in accessing their
accounts. The upgrade will pass the Arabica devnet first,
before its release on the Mocha testnet later this month with the
Beta version released in mid-September. As of writing, no
concrete launch date for Lemongrass 1.0 has been announced.
Choppy Trading Days To Come For Celestia? The token’s current
movement is not something to be desired. TIA is occupying the
$4.8-$5.8 price range which leaves no room for both the bulls and
the bears for significant upward gain. Although the market is
bullish, its cooling phase that started today maybe a hint for
either the coming pain or gain. Related Reading: Bitcoin
Price Eyes Upside Break: Is a Bullish Move Ahead? As the market
waits for the coming macroeconomic releases, the coming stability
in the next couple of days will be followed by extreme volatility
that may point either up or down, If the bulls are supported
by positive economic growth, TIA can regain $6 in the short-term
while setting $8 for the long term. However, if the opposite
happens, we can expect TIA to fall way below the $4 range that
could put long-term holders of the token in a bad position.
Featured image from Pexels, chart from TradingView
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