While most of the crypto market is deep in the red, Theta Fuel is reaching a new all-time high.
In large parts of the crypto space there is currently another sharp drop in prices. Bitcoin, for example, lost around 12 percent compared to yesterday’s trading day and is now trading at $ 31,770 at the time of going to press. Ethereum, BNB and other Altcoins are also facing double-digit price losses. One of the few winners of the day is Theta Fuel (TFUEL). While almost the entire crypto sector is deep in the red, the utility token of the theta blockchain is a clear plus.
In the meantime, TFUEL was able to rise by almost 20 percent practically overnight and set a new all-time high at 0.60 US dollars. However, some investors seem to have seized the moment for profit-taking. At press time, Theta Fuel is trading at $ 0.55. Some market observers explain the sharp rise in prices with the approaching launch of Mainnet 3.0 and the Adjustmentsthat Theta Network recently carried out. The start is for the June 30th intended. With the update, TFUEL will receive both a staking and a burning function.
Theta Network wants to improve internet quality
The main concern of the Theta Network is to solve Internet problems that occur in the famous “last mile” and, for example, affect the quality of streaming services. The crypto project comes in to remedy these shortcomings. To do this, you work with various “big players” such as Google, Sony or Samsung. As a peer-to-peer streaming protocol, the Theta network relies on a broad user base. The more users participate in the protocol, the better the data throughput and the streaming experience.
The special feature of the theta network is expressed in the use of two different tokens – theta and TFUEL. While the former is responsible for securing the network, TFUEL is used for the actual transactions. You could roughly compare it to gas at Ethereum.
While TFUEL basks in the splendor of the new all-time high, the related governance token Theta is around 12 percent in the red. Accordingly, the next few days will show whether TFUEL can hold its own even during bearish market phases or whether it will ultimately let itself be carried away by the downward trend.