Cryptocurrency News

Theta and Theta Fuel (TFUEL) climb ahead of the June 30 mainnet launch

Major protocol upgrades could play a key role in altcoin rally regardless of the state of the broader cryptocurrency market as new features excite token holders and help attract new investors.

One ecosystem that has been heating up for the past two weeks is the Theta Protocol. The project’s THETA token increased by 50% and Theta Fuel (TFUEL) increased by 71% ahead of the network’s upcoming Mainnet 3.0 launch on June 30.

Theta/USDT vs TFUEL/USDT. Source: TradingView

In late May, price action for THETA and TFUEL began to accelerate when the project revealed that Creative Artists Agency (CAA), a talent and sports agency, had become the latest validator node operator for the network.

The subsequent release of One-Click Delegated Stake for Theta Web Wallet also sparked excitement in the community as the simplified method for earning yield is ideal for holders who do not want to deal with more complex methods of produce farming.

Investors looking to stake on the network are required to hold at least 1,000 THETA tokens, which are worth around $9,750 at current prices.

until 6th June, over 60% All theta tokens in circulation are locked to the protocol for network verification purposes. Ideally, this reduction in available supply should help mitigate the risk of a major price drop, even though the coin has recovered sharply as the bitcoin price exploded on May 19.

The dual token system gained another momentum on 7 June following the release of the updated Theta Protocol v2.4.0. The price of TFUEL rose 35% after the release, from a low of $0.42 on June 6 to an intraday high of $0.565 on June 7.

VORTECS™ data Cointelegraph Bazaar Pro Started to trace a bullish outlook for TFUEL on June 4th, ahead of the recent price rise.

The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions, derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

VORTECS™ Score (Green) vs ‌TFUEL Price. Source:Cointelegraph

As seen in the chart above, the VORTECS™ score for TFUEL first rose to a high of 78 on June 4 and finally recorded a score of 82 on June 7 as TFUEL price rose 62% from a low of $0.35 got high. of $0.565 over a three-day period.

Theta price rose 26% from a low of $8 to a high of $10.08 during the same three-day period, but has since fallen below $9.20 as traders hold altcoins for fear of bearish consequences for bitcoin. are apprehensive about.

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