In a major development in the altcoin space, lesser-known cryptocurrency THETA has made its way to the top-ten cryptocurrencies unsettling the dominant Chainlink (LINK) at the #10 position. The THETA price is 18% up as of writing this story trading at $11.95 and its market cap at $11.9 billion.
A majority of the price rally has come only over the last week as the THETA price has surged more than 70% during the same time. Interestingly, everyone in the crypto space is quite astonished as to how THETA, which has hardly made any news earlier, made it to the top-ten crypto list.
Chinese journalist, who goes by the name Wu Blockchain, explains the reason behind it. Wu writes that the THETA team has huge monetary control over the cryptocurrency and has been largely sought after by Koreans. He further adds:
“Theta’s core advisor is youtube co-founder Steve Chen, with sufficient funds; Top 10 holds 61% of the currency, which may be easy to manipulate the market; the new version of Theta will be launched in the near future and keep up with the NFT boom”.
The Chinese journalist goes on to add that THETA has been “irrationally” popular in South Korea. Crypto exchange Bithumb from South Korea has huge volume for the THETA/KRW trading pair.
The Unique Thing About THETA
THETA is a blockchain-powered network built for decentralized video streaming. Apart from just decentralizing video streaming, its major business concept also involves data delivery and edge computing.
The THETA network on a native blockchain platform and has two native tokens powering it. One is THETA that is available for trade at the exchanges and the other is THETA fuel that powers the platform’s internal economy.
The three key USPS of THETA’s decentralized are:
- content creators improve their earnings
- save money on building infrastructure and increase advertising and subscription revenues
- viewers get rewarded with better quality streaming service
Since THETA is a Proof-of-Stake (PoS) blockchain, its token holders receive governance powers.