Crypto News

THETA Price Recovers After Mainnet Postponement Scare

Theta Network sees over $100 million from investors

New Delhi (CoinChapter.com) — Theta prices dropped by almost 25 percent to $10.35 going into March 25 after traders bought the dip, some respite came to the market, anticipating that the token still has some upside bias left.

THETA rose by 31.4% to a high of $13.606. At the time of writing, it was trading near $12.81. 

Theta consolidates following its recovery move. Source: CoinGecko
Theta consolidates following its recovery move. Source: CoinGecko

This downside move in the Theta markets appeared after a troubling announcement. The team behind the project delayed the upcoming launch of its official Mainnet 3.0 by 2 months. It explained that Theta’s programmers needed to conduct a last-minute code review, adding that the final product expects to support non-fungible tokens.

More Reasons Behind the Delay

Theta also aims to make Elite Edge Nodes. These nodes enable the tokenization of internet bandwidth, acting as universal decentralized edge storage for all NFTs by building cross-chain bridges across other networks for transfer, storage, and ownership of assets. Theta also mentioned delays in the Elite Edge Node’s deployment as one reason behind mainnet postponement.

“A similar delay to Mainnet 2.0 in the spring of 2020 led to a successful launch without technical problems, so the team is confident this is the right choice for the long term. Additionally, key partnership opportunities in the NFT space have required us to devote resources to building out the upcoming Theta NFT marketplace in a broader approach and incorporating some of these foundational elements into Mainnet 3.0 core.” the project noted.

Theta prices had gained exponentially in the first three months of 2021, increasing by 717% from $1.36 on January 1 to $14.96 on March 24. Once the announcement about the delay came, a selling frenzy pummelled the token before it recovered again.

Witness to the swift rise of Theta prices, traders were anticipating a dip. Nevertheless, with bears failing to extend the sell-off, Theta expects to continue its uptrend. It did so after the mainnet 2.0 launch.

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Anshuman Roy - CoinChapter
Anshuman Roy

A Delhi based content writer, I did my bachelors in engineering with major in electronics and communications. I first heard of bitcoin while writing an article about blockchain technology a few years back, and have been following it ever since. Bitcoin may well be current big thing happening in the finance industry, and it feels like the right time to join the crypto bandwagon.

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