Celestia (TIA) Gains 14% Following Network Upgrade Announcement
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.
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.
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
