Theta and Theta Fuel (TFUEL) price skyrockets ahead of mainnet launch on June 30

Major protocol updates can play a significant role in the price action of an altcoin regardless of the state of the cryptocurrency market in general, as the new features excite token holders and help attract new investors.

One of the ecosystems that has been gaining popularity in the last two weeks is the protocol Theta. The project’s THETA token has appreciated 50% and Theta Fuel (TFUEL) has gained 71% ahead of the protocol’s 3.0 mainnet 3.0 launch, scheduled for June 30.

4-hour chart of the THETA / USDT and TFUEL / USDT pairs. Source: TradingView

In late May, THETA and TFUEL prices began to rise after the project revealed that the Creative Artists Agency (CAA), a talent and sports agency, had become the network’s new validator node operator.

The subsequent launch of one-click delegate staking for Theta’s web wallet also sparked community excitement, as the simplified method of yield farming is ideal for users who don’t want to deal with more complicated forms of yield farming.

Investors who wish to do staking on the network must own a minimum of 1,000 THETA tokens, which are worth approximately $ 9,750 at current prices.

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As of June 6, more than 60% of all THETA tokens in circulation have been protocol locked for network validation purposes. Ideally, this reduction in available supply should help reduce the risk of a major price drop, even though the token sharply corrected when the price of Bitcoin plunged on May 19.

The dual token system received another wave of momentum on June 7 following the release of the updated version of the Theta protocol v2.4.0. The launch was followed by a 35% increase in TFUEL’s price from a low of $ 0.42 on June 6 to an intraday high of 0.565 on June 7.

VORTECS ™ data from Cointelegraph Markets Pro began to detect a bullish outlook for TFUEL on June 4, ahead of the recent price spike.

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, trade volume, recent price movements, and Twitter activity. .

VORTECS ™ score (green) versus TFUEL price. Fountain: Cointelegraph‌ ‌Markets‌ ‌Pro‌

As can be seen in the previous graph, TFUEL’s VORTECS ™ score first increased to a high of 78 on June 4 and finally registered a score of 82 on June 7, when the price of TFUEL rose 62% from a low of $ 0.35 to a high of $ 0.565 during the three-day period.

THETA’s price rose 26% over the same three-day period, from a low of $ 8 to a high of $ 10.08, but has since fallen below $ 9.20, on fears of a bearish result of Bitcoin has made traders careful about holding altcoins.

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The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Each investment and commercial movement involves risks, you must do your own research when making a decision.

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