THETA makes a comeback! Soared 17,000% in the past year, entering the top 10 cryptocurrencies by market capitalization.
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Table of Contents
THETA Turns the Tide
Theta Network is a decentralized video streaming network that aims to reduce the cost of video streaming through edge computing and provide additional income and value to network participants through token economics. The project received investments in 2018 from Samsong NEXT, a venture capital arm of a subsidiary of Samsung Group, and Sony Innovation Fund, a subsidiary of Sony. Additionally, the project's advisors include YouTube co-founder Steve Chen and Twitch co-founder Justin Kan.
THETA is the governance token issued by Theta Network and also the work token staked to become a validating node. Over the past year, THETA token has seen an investment return rate of up to 17,892%, propelling it into the top ten cryptocurrencies by market capitalization with a total value of $13.2 billion. Such an exaggerated surge has made it one of the most discussed secondary market targets in the cryptocurrency community.
Wes Levitt, the Head of Strategy at Theta Network, recently mentioned in an interview that Theta's explosive growth has been ongoing for some time, marking a turning point for the project as people are beginning to pay attention and realize the value Theta Network has created. According to Theta CEO Mitch Liu, Theta Network's edge computing capabilities surpassed Intel in March, providing favorable fundamental support for the token's rise.
We did it !! @Theta_Network community, thank you you guys are awesome. Let's go after NVIDIA now! https://t.co/WZPZ1AhmsA pic.twitter.com/tm7Q61wlJX
— Mitch Liu | Theta Network (@mitchliu) March 18, 2021
Furthermore, Wes Levitt added that the ongoing staking and mining for Theta MainNet 3.0, market expectations for Theta Network's involvement in NFTs, and the increasing interest from more video platforms and startups in the project may all be reasons driving the token's rise.
Whale Manipulation, South Korea Speculation
However, Chinese media outlet "Wu Talks Blockchain" indicated that the recent surge in THETA is closely related to whale/team manipulation and FOMO in the South Korean community.
What is the reason for Theta（ICO of the Chinese team）, which has risen 71% in the last 7 days and 17892% in the last year, exceed BCH to become top12. Through data analysis, the team has money to control the market and is sought after by Koreans, which may be the core reasons. pic.twitter.com/GvRtNDta09
— Wu Blockchain (@WuBlockchain) March 23, 2021
According to Colin Wu, the top 10 holders of THETA control 61% of the token's circulating supply, likely influencing the recent price movements of the token. Additionally, data from CoinMarketCap shows that the THETA/KRW trading pair on the South Korean cryptocurrency exchange Bithumb accounts for a significant portion of THETA's (credible) trading volume in the global market, indicating "irrational exuberance" from South Korean investors towards THETA.