Due to Mainnet delay: Theta price falls by 25 per cent overnight
Theta has fallen by a quarter after it was announced that the Mainnet launch would be delayed.
After hitting new highs throughout 2021, Theta (THETA) fell 25 per cent in less than 24 hours to 25 March when it was announced that the launch of Project Mainnet had been delayed by two months.
Theta is a blockchain-based video streaming platform that had planned to officially launch its Mainnet 3.0 next month. On 24 March, the Theta Bitcoin Lifestyle team announced it would delay the launch of the mainnet until the end of June.
By Thursday, Theta had already lost a quarter of its value. It fell from 14.43 US dollars to 10.73 US dollars.
The reason for the delay of the mainnet is a late code review
A last-minute decision was made to include an NFT marketplace in the planned upgrade.
„Key partnership opportunities in the NFT space have led us to build the planned Theta NFT marketplace and incorporate some of these foundational elements into the core of Mainnet 3.0,“ Theta explained.
Given Theta’s sharp rise in the first three months of 2021, it is perhaps unsurprising that the token price is now falling. The token saw growth of 961 per cent between 1 January and 24 March. In the process, it rose from US$1.36 to US$14.43.
Theta’s sister token called Theta Fuel (TFUEL), which forms one half of a two-token system, has also seen significant growth in the last three months. TFUEL’s price has risen 1,921 per cent since 1 January. But by Thursday, it had also lost a quarter of its value, falling 25.6 per cent overnight.
Just four hours after Theta and Theta Fuel fell 25 per cent each, both have recovered strongly, rising 17 and 20 per cent each.