Theta Fuel (TFUEL) Sparks 176% Pump on Binance Listing; Instant All-Time High
Theta Fuel gained 176% in a flash on Friday shortly after Binance announced it would be listing the TFUEL token. Within hours of the news filtering through, TFUEL had surged to a new all-time high.
TFUEL is the second native token of the Theta network (THETA) – a coin which felt its own 40% pump on Friday morning in an act of good will splashback.
Theta Fuel (TFUEL) Makes it to Binance
Theta Fuel acts as the Theta network’s equivalent of Ethereum’s gas; or NEO’s GAS; or Ontology’s ONG, for that matter. That is, the internal currency which ‘fuels’ the blockchain network.
Looking back at Theta’s timeline from the past few months, we see that Theta and Theta Fuel were both added to the Trust mobile wallet around mid-April. This is significant because the Trust wallet was acquired by Binance in 2018. Chances are someone profited from the anticipation that being added to Trust might just be a precursor to making it onto Binance. That’s one to keep an eye on in the future.
On Binance, Theta Fuel will be immediately paired up with 6 different tokens. As stated in the official announcement:
“Binance will open trading for TFUEL/BNB, TFUEL/BTC, TFUEL/USDT, TFUEL/TUSD, TFUEL/USDC and TFUEL/PAX trading pairs at 2019/05/24 10:00 AM (UTC). Users can now start depositing TFUEL in preparation for trading.”
Notably, there is no mention of an ETH trading pair. This lends some credence to the idea that Binance is attempting to replace Ethereum. By refusing to launch a TFUEL/ETH pair, Binance seems to be quietly pushing users to convert to the exchange’s own BNB token.
Numerous tokens have departed Ethereum to find a new home on Binance Chain in recent months, including Mithril (MITH). Looking back at the Hacked archives from December 2018, we see that Mithril was added to the Trust wallet that same month. This adds a little bit more weight to the Trust-to-Binance signal mentioned above. (Mithril more than doubled on the Binance listing news).
Theta Fuel Price – TFUEL/USD
From Friday morning’s low of $0.007666, the dollar value of TFUEL surged to a peak of $0.021214. That amounts to176% growth, and it all came within just over three hours. That puts TFUEL on an instant all-time high, just a couple of months after its Q1 launch this year.
CoinMarketCap reports daily volume of $103 million – mostly coming from Upbit. OpenMarketCap reports the same figures, just days after a community vote decided Upbit should be included among ‘trusted exchanges’. This is the same Upbit that was taken to court in Korea for faking $226 billion worth of crypto trades.
For a reminder of OpenMarketCap’s original aims (which seem to be disintegrating fast), read this refresher on The Extent of Fake Volume on Cryptocurrency Exchanges.
TFUEL’s parent token – Theta (THETA) – pumped by close to 40% on the day. It too was predominantly traded on Upbit, although Binance’s BTC and USDT pairs also produced over $16 million worth of the $43 million daily volume.
Both tokens started to pump at exactly 3:04am on Friday – hardly an organic pattern.
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
Featured image courtesy of Shutterstock. Chart via CoinMarketCap.