Chinese blockchain journalist, Colin Wu (@Wublockchain), noted the rise of THETA, a purpose-built decentralized video delivery network and cryptocurrency. Wu questioned this on Twitter, saying,
“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.”
Wu shared data that showed THETA rising steeply over the last few days, from ~$7 on March 16th to ~$11.50 today.
THETA’s Data Needs A Closer Look
THETA’s core advisor is none other than the co-founder of youtube, Steve Chen, ensuring the project has sufficient funds. However, the top 10 wallets that hold THETA accounts for 61% of the total supply. This could lead to a coordinated manipulation of the market.
THETA’s investors and advisors have a poor reputation in China, but South Korea is irrationally fond of the token, says Wu. Coinmarketcap data shows that the trading volume of THETA/KRW ranks fourth on Bithumb, the leading exchange in South Korea.
THETA Overtakes Chainlink
The top three trading pairs of THETA having the most trading volume belong to Binance and Huobi Global. Binance stands at the first and third position, while Huobi stands at the second (and the sixth).
Wu added that these three trading pairs have low authenticity. Only Bithumb’s trading volume has high authenticity. He further states that the new version of THETA will be launched soon and will keep up with the NFT boom.In the process, THETA’s market cap has also exceeded Chainlink to secure a spot on the global top ten cryptocurrencies.
THETA is a decentralized video delivery network and has an ERC-20 compliant token. THETA leverages the security and efficiency that Ethereum offers, allowing users to simplify their crypto experience. THETA combines the benefits of Ethereum and various other technologies to improve the quality of stream delivery.
THETA tokens are used to stake a Validator or Guardian node, produce blocks, and participate in the protocol’s governance. While these tokens are governance-based, the theta ecosystem also has a main utility token called TFUEL. These tokens are used to incentivize and encourage individual users to share their computing resources to create a decentralized video stream.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.