Theta token price sinks 25% overnight after mainnet delay

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After recording new all-time highs all all through 2021, the worth of Theta (THETA) dropped 25% in lower than 24 hours main into March 25, following information that the mission’s mainnet launch had been pushed again two months.

Theta is a blockchain-based video streaming platform that was gearing up for its official Mainnet 3.0 launch subsequent month. On March 24, the Theta crew introduced that it was delaying the mainnet launch till the top of June.

By early Thursday morning, Theta had misplaced 1 / 4 of its worth — falling from a token value of $14.43 right down to $10.73.

The reason for the mainnet delay seems to have been a late code evaluate, and a last-minute determination to incorporate an NFT market within the upcoming improve. 

“Key partnership alternatives within the NFT area have required us to commit sources to constructing out the upcoming Theta NFT market in a broader strategy, and incorporating a few of these foundational parts into Mainnet 3.0 core,” Theta stated.

Given Theta’s miraculous surge all through the primary three months of 2021, it’s maybe unsurprising that the token value lastly dipped. The token recorded 961% progress between Jan.1 and March 24, as its greenback worth rose from $1.36 to $14.43.

Forming one half of a two-token system, Theta’s sister token, Theta Gas (TFUEL), additionally recorded vital progress over the past three months. The TFUEL value surged 1,921% since Jan. 1, however by Thursday morning it too had misplaced 1 / 4 of its worth, dropping 25.6% in a single day.

Notably, 4 hours after Theta and Theta Gas had every misplaced 25% of their values, each have been topic to a large bounce, regaining 17% and 20% respectively.