Theta Token Rises 17,000% in a Yr, Cracks High 10 Cash


Briefly

  • Theta, the token for the Theta Community undertaking, right this moment cracked the highest 10 cryptocurrencies by market cap.
  • The token is up 17,000% previously yr.
  • Theta is a blockchain-based video streaming undertaking.

A brand new token has seemingly boomed out of nowhere into the highest 10 cryptocurrencies by market capitalization. Theta, which is up 17,000% previously yr, is now the ninth largest crypto with a market cap of $13.2 billion, as per Messari information

The token (THETA) is the foreign money for the blockchain community, Theta Community. On the time of writing, Theta was value $12.97—up 31% previously 24 hours and almost 81% previously week, overtaking DeFibig Chainlink and the favored peer-to-peer money Litecoin. 

It’s additionally now larger than Bitcoin Money, Stellar, and Dogecoin

However what does it do? Theta is the token for a undertaking, based in 2016, that wishes to decentralize peer-to-peer video supply.

  

Based by laptop scientists Mitch Liu and Jieyi Lengthy, its core advisors embrace Steve Chen, co-founder of YouTube, and Justin Kan, co-founder of Twitch. 

The Theta Community undertaking believes that viewers get dangerous high quality content material when streaming video.

It goals to repair this downside through the use of blockchain expertise and having customers share a community, the place they’re rewarded with the foreign money by taking part.

Wes Levitt, head of technique for the undertaking, advised Decrypt that Theta’s explosive progress has been a long-time coming. “I feel it might have hit type of an inflection level the place persons are beginning to hear about it and notice there’s some worth being created right here,” he mentioned. 

He added {that a} secondary, staking token was on its means and that could possibly be driving among the curiosity as extra video platforms and startups present curiosity within the undertaking. 

The explosive curiosity in NFTs may be enjoying an element: Levitt mentioned that the undertaking is engaged on an NFT market for information insights. NFTs are distinctive, non-replicable crypto tokens which have most lately been used to make crypto collectibles—like digital artwork.

The full worth of the NFT market is presently valued at $1 billion—up 300% within the final yr, based on figures from information agency NonFungible. 

Buyers in Theta could possibly be “shopping for in anticipation” of the community’s forthcoming NFT push, Levitt mentioned.

Disclaimer

The views and opinions expressed by the creator are for informational functions solely and don’t represent monetary, funding, or different recommendation.



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