Theta token (THETA) Moving Contrary to the Market, Up 18% In the Last 24 Hours

The majority of cryptocurrencies have tumbled briefly for the second time in the last six hours. The markets fell earlier today at around 1:30 PM UTC before dipping again at 5:40 PM UCT. Most of the affected tokens managed to recoup during the first plunge and market activity suggest they will recover and reclaim their heights again.

Only a handful of crypto assets have survived both crashes. Most notably, Theta Network's token has been on an uptrend for the better part of the day. THETA price surged to a 24-hr high of $4.11 today but has since slightly retreated and is currently hovering just above $4.00.

Here are other major headlines around Theta:

Theta Network set to play host for ‘The Price is Right' commemoratory NFTs

The Theta Network has partnered with multinational television production and distribution company Freemantle to host the TV game show The Price is Right NFTs. The show, which has over 50 seasons (9,000+ episodes), airs on CBS and has scheduled an NFT drop to celebrate 50 years of existence.

Mitch Liu, CEO of Theta Labs, told the community to stay tuned as the launch will happen soon, and he has hinted that the drop is coming “in ways never seen before.” Further, the NFTs are set to be of strong insistence on the benefits to collectors meaning users could cop themselves various collectibles, including the show's memorabilia.

Vice president of commercial partnerships at Fremantle, Angela Hueber, expressed her delight in the choice of Theta. She said it offered the right platform for the launch as it is a “low-cost, green NFT platform.” Huber added that Theta's previous successful collaboration with major brands and creators meant the network was the best home for the Price is Right series.

The “well-known brands and artists” which Hueber inferred are works that the blockchain video delivery firm has accomplished with Katy Perry and the World Poker Tour, among others.

Theta establishes a sustained TVL run

Over the last few days, the Theta network has shown a consistent increase in Total Value Locked. The entertainment and media-focused chain has recorded a 10.56% TVL spike in the last 24 hours, according to DeFi Llama data. The TVL figure has jumped from $143.82 million to $228.95 million, translating to a 59% increase in the last week alone.

THETA TVL Chart

Theta's main protocol, ThetaSwap, which only recently launched as the first decentralized exchange built on the chain, is leading the rally. The protocol has seen a positive 63.65% seven-day change. Risk diversification token ThetaCash (TBILL) has risen by 63.58%, and the VoltSwap (VOLT) platform, which has seen the least increase, is up 10.84%.

Part of the reason for this sustained rise is Bullit Technology's entry into the network. Bullit enables users to upload files of any size or type, after which they are encrypted and sent through to a specified user. With this functionality in mind, Bullit is an essentially good fit for Theta.

The latter will support Bullit's roadmap plans to transform from a file transfer service to digital asset swapping. Bullit aims to bring blockchain-based products via NFTs and smart contracts around storage, file transfer, and streaming, which means Theta is well set up for the partnership.

Theta (THETA) market performance

THETA is one of the few crypto tokens charting a path in an opposite direction to the wider market. THETA/USD rose sharply on Thursday morning, cutting above $4.00 and has continued swinging around this range as per CoinMarketCap data.

THETA/USD 24-hr trading chart

Market data shows the token is up 14.69% in the last 24 hours bringing the weekly cumulative gains to 44.77%. These figures make it one of the best performing assets (at press time) among cryptocurrencies with a market capital of over $4 billion.

To learn more about this token visit our Investing in Theta (THETA) guide.