Theta Token Hits 26% Growth Out the Gates as First Crypto to Rebound

Theta Token (THETA) is one of the month’s best performers, and following the market plunge on Sunday the Eth-based altcoin proved the quickest to rebound with 26% rapid growth.

Theta Price  – THETA/USD

From Sunday night’s low of $0.087164 the value of Theta started to rebound moving into early Monday morning, eventually reaching a high of $0.110366. That’s 26% growth is just over twelve hours, accompanied by a 703% increase to trade volume overnight.

Theta had been on the move for most of the last week and month. Its mainnet launch is set to go ahead on March 15th, when the token will break ground on its own blockchain and leave Ethereum’s. Since the start of January THETA has risen by 149% in value against the dollar, with BTC gains roughly comparable.

How much longer Theta’s run will last is debatable. The Upbit exchange just announced it will be catering to the Theta mainnet swap and the distribution of its new network token, Theta Fuel. As announced on Monday morning via Upbit’s blog:

“Upbit will support mainnet integration of THETA Token(THETA)… ERC 20 THETA Token payment rate : mainnet THETA Fuel = 1:5.”

Theta Mainnet Launch

A sign that the news is catching up with the rumours? Maybe, but Theta’s run seemed over several times during the last month, and it continues to pop up again and again. Roughly twenty days stand between now and the mainnet launch.

According to the mainnet launch documentation, a snapshot of Ethereum’s blockchain will be taken on March 12th:

“To determine the Theta Token holders to receive native Theta tokens and the 1:5 Theta Fuel distribution on the new blockchain, we will be taking a snapshot of the Ethereum blockchain at approximately March 12th, 12pm (Noon) Pacific Standard Time (UTC -8).”

Any THETA holders should keep in mind:

To prepare for the swap, we recommend that all users transfer their Theta Tokens into the Theta wallet by March 10th to be safe. If you have not transferred your tokens to the Theta wallet before the snapshot happens, we can’t guarantee an immediate swap to the new Theta blockchain.”

Blockchain Streaming on SLIVER.tv

Theta also has a working product in the form of SLIVER.tv – a blockchain-based live streaming site with a focus on esports. The site is described as a:

“…next generation Esports entertainment platform on blockchain which features 24/7 live streaming content from top games like Fortnite, League of Legends, CSGO, and more.”

In late 2018, the Chinese conglomerate behind Tencent Games partnered up with SLIVER to bring THETA token rewards to players of Ring of Elysium.

As the broader market trembles on the precipice of $128 million at time of writing, Theta’s early morning gains may yet proved to be short-lived.

Theta Token launched in January 2018 and just missed the altcoin pump of that period. The current Theta price is only around 150% away from its own all-time high, and if Theta did continue to rise through the market cap rankings it would be venturing into unmarked territory.

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.

Author:
Greg Thomson is a freelance writer who contributes to leading cryptocurrency and blockchain publications like CCN, Hacked, and others.