Most of the time, any cryptocurrency will follow the behavior of Bitcoin, which generally means acting in unison with the rest of the cryptocurrency market. However, as most people probably know, individual major developments can cause coins to change their behavior and act very differently from their peers.
Major partnership news or major protocol updates would normally work, and you can see two examples of this rule right now. While most of the market is still sore from the recent price drop and is starting to rebound very slowly, two altcoins recently rallied on their own due to the upcoming mainnet launch.
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The currencies in question are Theta (THETA / USD) and Theta Fuel (TFUEL / USD). The Theta protocol mainnet is supposed to launch on June 30, causing the project’s native currencies to skyrocket. THETA itself rallied around 50%, while TFUEL was up as much as 71% before the Mainnet 3.0 release.
Token prices started to rise even as May began to close, right after the project revealed that the CAA (Creative Artists Agency) is its new validation node operator. The innovative agency is hugely supportive of talents and sports, which is why their involvement with Theta’s network brought quite a lot of attention to the project.
After that, the project also introduced one-click delegated betting for its web wallet, which also helped increase excitement among its community members. The new method is extremely simple and allows users to get a return at the push of a button, which is ideal for incumbents, whether they are new or seasoned investors.
Theta 1-click delegated staking now live in the Theta Web Wallet! With this new feature, you can delegate your THETA to stake to community-run Guardian Nodes that have volunteered their nodes for use. You can find all the details in the latest Theta blog: https: //t.co/sXWRiypr60
– Theta Network (@Theta_Network) June 4, 2021
Of course, in order to participate in the betting, holders must own at least 1,000 THETA tokens, which are worth around $ 9,750, so this is not exactly available to everyone. Still, as of June 6, more than 60% of THETA’s circulating tokens were found to be blocked, and the reduction in supply naturally caused the price to skyrocket.
Even better, it will probably allow it to stay high, since staking requires users to lock their tokens for a certain period of time.
On June 7, the project released the Theta protocol v2.4.0, which included a number of updates. Lastly, the new version of the mainnet is approaching, so the tokens just keep increasing.
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