Theta (THETA) Enters Final Stretch to Mainnet Launch
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Theta (THETA) drew attention from traders on Wednesday, as it was one of the few altcoins to stay in the green. After Bitcoin (BTC) slid back to $38,000, most assets also shed their recent gains. THETA was one of the exceptions, getting a boost from news specific to the network.
THETA traded at $9.28, still lower in comparison to its previous highs above $11. Currently, the asset trades on lower volumes. Theta Fuel (TFUEL), the accompanying asset for staking and transaction fees, remains relatively steady at $0.53, for now unable to break out to above $1 as previously expected.
TFUEL peaked around $0.58, and now sits close to its higher range in expectation of the launch of Theta Mainnet 3.0. TFUEL will be instrumental for running nodes on the new network and receiving a passive staking income.
THETA Powers Up NFT Platform
The most recent bullish news comes from the launch of ThetaDrop, the collectible NFT marketplace fueled by the Theta network. The marketplace already has active auctions, and offers a source of NFT gains boosted by the presence of a strong community.
Recently, THETA boosted its social media attention through the airdrop for World Poker Tour NFTs, which are already trading in auctions. The ThetaDrop platform will continue to offer airdrops, auctions and a secondary market for NFTs.
The THETA NFT marketplace arrives at a time when interest in collectibles remains at around 20,000 sales per day. More collectible tokens are created on alternative networks in addition to Ethereum.
The marketplace will have to face some headwinds, as the general NFT trend is slowing down in comparison to the trend peak levels in May.
Mainnet 3.0 Still Chief Price Driver
The chief price driver for THETA is the launch of its new mainnet, which will include nodes powered by TFUEL. The next two weeks may arrive with unprecedented attention, leading to a higher valuation.
Mainnet launches, however, also carry the risk of rapid selling right after the event. THETA has shown it can shed value fast during corrections. The additional risk is the unknown status of the market, where short-term attitudes are turning more bearish.
The Mainnet 3.0 launch will increase staking for both THETA and TFUEL, taking coins out of circulation. The current network has Guardian and Validator nodes, and the new launch will introduce Elite Edge Nodes, requiring TFUEL to run.
The Theta network will then have to prove itself as a competitor to other blockchains.
THETA Network Boasts Millions of Wallets
The Theta network claims its on-chain wallets are now more than 2.42 million. Data show there are around 13,000 daily active wallets, without specifying if they are linked to unique users.
There is a total of 1B THETA tokens, of which some of the big whale wallets lock up a significant portion of their coins for staking. The top THETA wallet, containing 90M tokens, has more than 14% of that amount staked.
Is Access to THETA Easier
THETA has been mentioned as one of the up and coming altcoins in 2021, with some of the strongest gains compared to other assets.
Despite the popularity, buying THETA may be somewhat limited to users. Most of the THETA trading on Binance International is restricted to US users. The asset is more active on Asian exchanges, which are isolated from some regions.
THETA may be exchanged to a limited degree through the Exodus wallet, which still offers borderless swaps for some assets.
The other way to gain access to the THETA ecosystem is to stream or watch Theta.TV and earn TFUEL rewards. However, the rewards are relatively small and still cannot be withdrawn to an independent wallet, exchanged or staked. Right now, THETA is not accessible to relatively large markets, and future adoption may give an additional boost to the token.
There is only speculative talk of THETA listing on Coinbase, and the asset is also not available on Binance.US. Residents in the US can use the limited capabilities of swapping sites, which can transform limited amounts of crypto coins, while including a transaction fee.
Is the Bullish Case for THETA Strong Enough
Some THETA signals based on trading activity point to short-term caution. THETA remains a wild card, with a highly active USDT pairing on Binance. This pairing may boost short-term price moves, but THETA is still prone to significant price slippage if liquidity diminishes.
While THETA has a significant community support and a long-term scarcity outlook, the token also faces significant short-term selling as some traders realize profits. Still, THETA has the chance for a short-term breakout and a move to repeat previous records.
THETA and TFUEL are some of the altcoins that retain value, as funds move to more actively trading assets.
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