Major protocol updates can play an important role in altcoin rallies regardless of the state of the broader crypto market because the 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 rallied 50% and Theta Fuel (TFUEL) gained 71% ahead of the network’s next Mainnet 3.0 launch scheduled for June 30.
Towards the end of May, the price action for THETA and TFUEL began to rise after the project revealed that the Creative Artists Agency (CAA), a talent and sports agency, had become the new validator node operator of network.
The subsequent launch of one-click delegated participation for the Theta web wallet also generated excitement in the community, as the simplified method of earning a return is ideal for incumbents who don’t want to deal with more complicated ways of growing yield.
1-Click Theta Delegated Bets are now available in Theta Web Wallet! With this new feature, you can delegate your THETA to participate in community-managed guardian nodes that have offered their nodes for use. You can find all the details in the latest Theta blog:https://t.co/sXWRiypr60
– Red Theta (@Theta_Network) June 4, 2021
Investors looking to gamble on the network must have a minimum of 1,000 THETA tokens that are worth approximately $ 9,750 at current prices.
As of June 6, more than 60% of all THETA tokens in circulation have been locked in the protocol for network validation purposes. Ideally, this reduction in available supply should help reduce the risk of a major price drop, even though the token drastically corrected when the price of Bitcoin imploded on May 19.
The dual token system received another boost on June 7 following the release of the updated Theta protocol v2.4.0. The release was followed by a 35% rally 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, trading volume, recent price movements, and trading activity. Twitter
As seen in the graph above, the VORTECS ™ score for TFUEL first increased to a high of 78 on June 4 and finally registered a score of 82 on June 7 when the TFUEL price rose 62% from a low. from $ 0.35 to a maximum. of $ 0.565 during the three-day period.
THETA’s price rallied 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 as fears about a Bitcoin’s bearish result has traders worried about having altcoins.
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