The hottest cryptocurrency in the market today is the Theta Token (THETA) for several reasons.
In the past five days, the price of THETA surged by more than 100% to hit an all-time high of $0.555 today. It also surged over 1,000% from the March crash.
But since then, the price has dropped 30% and is now gradually coming back down to a normal level, currently just under $0.40.
“THETA going beast mode people are thirsty for the pump,” tweeted trader MoonOverlord about the tremendous percent of increase in the price of the cryptocurrency.
This jump in price has the THETA moving to the 30th rank, up from 57th place earlier this month.
“The THETA 1m chart looks like it's gone through 4 market cycles in the last 12 hours,” said trader Hsaka.
Theta Token is a native asset of the Theta Network whose on-chain operations are powered by another token Theta Fuel (TFUEL). The hard fork will inflate it by 5% and create bigger rewards for stakers.
In the past week, TFUEL price also spiked 300% and 540% in the past month. Ranked 101st, TFUEL is currently down 24% at $0.012.
Mainnet 2.0 Launched Today
Launched in January 2018, Theta Networks a blockchain protocol for improving the quality and reliability of streaming video content.
Its tokens had such a massive rally in the past week all thanks to the launch of Mainnet 2.0 today. In anticipation of the mainnet 2.0 launch, the network was already seeing growth with the on-chain transactions more than doubled the past week.
Also, the Edge Nodes passed 1,821 active nodes that are relaying video streams over the Theta Network to their peers, “creating the global edge network that will power video delivery for platforms around the world.”
All this anticipation and rise in price has the token buzzing on social media, making it the most talked-about blockchain projects after BTC and ETH.
Collaboration with Google
The video delivery network powered by a new blockchain and distributed ledger technology also announced today that Google Cloud is teaming up with Theta Labs. Allen Day, Developer Advocate for Google Cloud said,
“We’re impressed by Theta’s achievements in blockchain video and data delivery.
We look forward to participating as an enterprise validator, and to providing Google Cloud infrastructure in support of Theta’s long-term mission and future growth.”
Google Cloud has joined Theta Network’s Enterprise Validator Program along with the leading spot cryptocurrency exchange Binance, Blockchain Ventures, and gumi.
Yesterday, Binance Futures also launched THETA/USDT perpetual contract with up to 50x leverage with its trading opening on May 27th, 2020 at 08:00 AM (UTC).
The guardian nodes that are available to the public who earn a share of all the new Theta Fuel (TFUEL) generated on Theta blockchain for running it will act as an extra layer of consensus.
Theta is also planning to collaborate with Google’s machine learning, big data initiatives, and artificial intelligence. Not to forget that Google also owns YouTube and which is important for Theta and would make it easier for them to experiment without having to rely on external platforms like AWS.