Theta token price sinks 25% overnight after mainnet delay

Theta token price sinks 25% overnight after mainnet delay

After recording new all-time highs all throughout 2021, the value of Theta (THETA) dropped 25% in less than 24 hours leading into March 25, following news that the project’s mainnet launch had been pushed back two months.

Theta is a blockchain-based video streaming platform that was gearing up for its official Mainnet 3.0 launch next month. On March 24, the Theta team announced that it was delaying the mainnet launch until the end of June.

Our top trading bots

By early Thursday morning, Theta had lost a quarter of its value — falling from a token price of $14.43 down to $10.73.

The cause of the mainnet delay appears to have been a late code review, and a last-minute decision to include an NFT marketplace in the upcoming upgrade. 

“Key partnership opportunities in the NFT space have required us to devote resources to building out the upcoming Theta NFT marketplace in a broader approach, and incorporating some of these foundational elements into Mainnet 3.0 core,” Theta stated.

Given Theta’s miraculous surge throughout the first three months of 2021, it is perhaps unsurprising that the token price finally dipped. The token recorded 961% growth between Jan.1 and March 24, as its dollar value rose from $1.36 to $14.43.

Forming one half of a two-token system, Theta’s sister token, Theta Fuel (TFUEL), also recorded significant growth during the last three months. The TFUEL price surged 1,921% since Jan. 1, but by Thursday morning it too had lost a quarter of its value, dropping 25.6% overnight.

Notably, four hours after Theta and Theta Fuel had each lost 25% of their values, both were subject to a sizable bounce, regaining 17% and 20% respectively.

Keep reading relating to Cointelegraph
Jamaica’s central bank digital currency and the problems it hopes to solve
The Central Bank of Jamacia recently announced that it would be launching its central bank digital currency (CBDC), dubbed the Jamaican Digital Exchange,...
Terra may be about to repeat $125M BTC buy that sparked Bitcoin's run to $43.3K
Bitcoin (BTC) could be set for a repeat of this week's run to weekly highs after Blockchain protocol Terra appeared set to buy another $125 million of BTC.A...
PayPal stablecoin: What it could mean for payments
PayPal confirmed on Jan. 8 it is “exploring a stablecoin” that could be called PayPal Coin after a developer found evidence of such a stablecoin within...
New ProShares Metaverse ETF to track Apple, Meta, Nvidia
ProShares, the first company in the United States to launch a Bitcoin (BTC) exchange-traded fund (ETF), is diving into metaverse as it now plans to launch...
Sequoia China leads $25M equity round for DeFi wallet DeBank
DeBank, a cryptocurrency wallet focused on decentralized finance (DeFi) solutions, has closed new funding led by major venture capital firm Sequoia China.The...
Asset managers and companies accumulate 1.2M Bitcoin worth $57 billion
Around 6% of Bitcoin’s circulating supply has been accumulated by asset managers and companies, signaling ever increasing mainstream and institutional adoption...
Ukraine central bank now officially allowed to issue digital currency
The Ukrainian government is moving forward with its central bank digital currency (CBDC) plans, as the National Bank of Ukraine (NBU) is now officially...
Circle IPO further legitimizes crypto before regulators, outsiders
Circle’s merger with Concord Acquisition Corp, a special purpose acquisition company, or SPAC, values Circle at $4.5 billion, and the combined entity is...
Nifty’s Inc. launches social NFT platform with Warner Bros. partnership
The debut of Nifty’s social NFT platform came with much fanfare on Monday after the company announced a major partnership with Warner Bros. and $10 million...
Morgan Stanley equity fund owns 28.2K shares of Grayscale Bitcoin Trust, per SEC
Wall Street investment bank Morgan Stanley has gained exposure to Bitcoin (BTC) through Grayscale, offering further evidence of wider institutional acceptance...
Echoing Cuban, Novogratz says DeFi should ‘play by the rules’, or ‘pay the piper’ later
Decentralized finance (DeFi) has emerged in 2021 as one of the fastest-growing trends in the crypto sector and as the unique features of DeFi begin to work...
Bitcoin crisis, Elon Musk criticized, Ether thrives, Dogecoin survives: Hodler’s Digest, May 9–15
Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption...
Blockchain Association executive debunks rumored crypto crackdown by Treasury
Kristin Smith, executive director of the Blockchain Association has dismissed fears that the United States Department of the Treasury was close to cracking...
Topps baseball card maker and MLB will issue official NFTs
A set of nonfungible tokens will be issued by the United States’ leading trading card maker Topps in partnership with Major League Baseball and MLB Players...
Crypto-Supporter Milne Said Bitcoin’s Only Ledger to Last 100 Years
As bitcoin continues trading approximately 80% lower than in December 2017, it is likely it will match its all-time record of $20,000 again and even surpass...