Theta Fuel Price Up By 15% – Time To Buy TFUEL?
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Theta blockchain is an interesting crypto project. It allows users to share their spare bandwidth and computing resources on a peer-to-peer (P2P) basis. This has prompted many investors to consider its tokens.
TFUEL has made massive gains, and even though it slowed down a bit earlier this month, it seems to be recovering. How do you know when the time is right to buy TFUEL? In this analysis, we consider what the token is and the challenges the blockchain network aims to solve. Let’s dive right in.
Theta Fuel: The Coin That Powers Theta
Theta is a blockchain-powered video delivery platform. It is out to revolutionize the video streaming industry with blockchain.
It is a decentralized video delivery network on the blockchain that enables free, high-bandwidth content delivery.
Theta also allows decentralized applications (DApps) to launch on its fully-featured Ethereum Various Machine (EVM) compatible smart contract platform. The network was founded in 2017 by Mitch Liu and Jieyi Long.
As users watch videos, part of their computing power is harnessed to relay those videos to other users, with the primary users earning tokens as a reward.
Content creators who showcase their videos also earn passive income for their work.
Theta uses two native assets in its platform. The first is the Theta Token (THETA) used for voting on governance, and the second is Theta Fuel (TFUEL) for executing transactions.
THETA is used by several institutions which support the Guardian nodes and its Enterprise validators. They include Google, Binance, Blockchain ventures, Gumi and Samsung.
There are three types of nodes that power the Theta blockchain. They include the Edge nodes, Guardian nodes and Enterprise validators.
TFUEL was created in 2019 to serve as the utility token in decentralized video and data delivery on the network. It is used for smart contracts transactions and fees associated with transacting non fungible tokens(NFTs) and decentralized finance (DeFi) applications..
The Theta Blockchain uses the proof-of-stake (PoS) consensus algorithm alongside a multi-level Byzantine Fault Tolerance (BFT) consensus mechanism.
The multi-level BFT allows it to provide strong security while also ensuring high transaction volume and speed, which is key for streaming services and micropayments.
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TFUEL: Building Momentum In 2021
TFUEL started the year trading at only $0.0374 but has since surpassed that price. The token has been making impressive gains and even reached its all-time high of $0.680 on June 9.
However, it plunged to $0.427 by the end of June, and on July 20, it dropped further to $0.230.
At press time, TFUEL is trading at $0.3224 and is up by 15.81% in the last 24 hours.
Investors might want to take this chance to buy TFUEL as the token is looking bullish in the crypto market.
TFUEL Technical And Fundamental Analysis
Looking at the technicals, TFUEL is on a bullish trend. The 20-day moving average (MA) support shows a bull market with the token above the indicator at $0.3224.
The coin’s long-term potential on the 200-day MA is at $0.3209, which also shows that the bulls are slowly seizing the stage.
TFUEL’s relative strength index (RSI) is at 48.87, while the moving average convergence and divergence (MACD) is above the neutral zone (0.00), reinforcing the coin’s bullish sentiment.
Analysts at Digital coin predict that TFUEL would hit $0.553 next year, and by five years’ time, the asset would trade at $1.12.
However, Wallet investor’s prediction site is more bullish as it believes TFUEL would hit $3.411 in five years.
Theta Labs, the company behind the Theta Network, has been on the news lately. The firm recently rolled out Theta’s mainnet 3.0 update after introducing the 2.0 upgrade about five months ago.
The new update, according to the company, introduces TFUEL staking and Uptime mining. With this update, Theta’s edge nodes will start burning a minimum of 25% of each TFUEL payment made to the network.
Smart contract fees and network transaction fees will also be taken out of circulation to hinder TFUEL inflation and to add scarcity to the token.
Popstar and Songwriter Katy Perry also announced that she would be launching a line of NFTs on Theta Labs.
According to her, this line of digital collectibles is part of her “Play” residency coming up at the end of the year.
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