Major protocol upgrades, regardless of the state of the broader cryptocurrency market, can play a significant role in altcoin rallies as new features excite token holders and help attract new investors.
One ecosystem that has been warming in the past two weeks is the theta protocol. The project’s THETA token rose 50% and Theta Fuel (TFUEL) gained 71% ahead of the upcoming Mainnet 3.0 network launch, slated for June 30th.
Prize promotions for THETA and TFUEL began running in late May after the project revealed that the Creative Artists Agency (CAA), a talent and sports agency, had become the newest Validator Node operator for the network.
The subsequent release of the delegated one-click stake for the theta web wallet also caused a stir in the community, as the simplified method of generating income is ideal for owners who do not want to deal with more complicated methods of income management.
Delegated Theta 1-Click Staking now live in the Theta Web Wallet! With this new function, you can delegate your THETA work to the community-operated Guardian Nodes who have voluntarily made their nodes available for use. You can find all the details on the latest Theta blog: https://t.co/sXWRiypr60
– Theta Network (@Theta_Network) June 4, 2021
Investors wishing to join the network must hold at least 1,000 THETA tokens valued at approximately $ 9,750 at current prices.
June, more than 60% of all THETA tokens in circulation were blocked on the protocol for network validation purposes. Ideally, this reduction in available supply should help reduce the risk of a sharp drop in price, even if the token corrected sharply when Bitcoin price imploded on May 19th.
The dual token system received another boost on June 7th following the release of the updated Theta Protocol v2.4.0. The release was followed by a 35% rally in TFUEL price from a low of $ 0.42 on June 6th to an intraday high of $ 0.565 on June 7th.
Cointelegraph Markets Pro’s VORTECS ™ data began to see a bullish outlook for TFUEL on June 4, ahead of the recent price hike.
The VORTECS ™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points such as market sentiment, trading volume, recent price movements and Twitter activity.
As can be seen in the graph above, the VORTECS ™ score for TFUEL initially rose to a high of 78 on June 4th and finally hit 82 on June 7th, when TFUEL’s price rose 62% from a low rose from $ 0.35 to a high of $ 0.565 over the three day period.
The price of THETA 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 amid fears of declining Bitcoin earnings, traders fear that Hold altcoins.
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