The native token Theta blockchain, Theta Fuel (TFUEL), experienced an unusual jump in trading volume by 2125% in the past 24 hours. Similarly, market capitalization follows the increase by 24.94%.
At the time of reporting, Theta Fuel (TUFEL)’s live price stands at $0.5499 with a 24-hour trading volume reaching $316,025,751 (as per CoinMarketCap).
The exact reason behind this surge remains unclear. However, it’s speculated that increasing demand for TFUEL might be a significant factor driving this sudden increase.
Another potential reason for the sudden jump in trading volume could be traders’ anticipation following the announcement of upcoming launch of Theta EdgeCloud. This innovative platform, designed as the first hybrid cloud computing system built on a fully distributed edge architecture, aims to cater to the computing needs of video 3D rendering, AI, and more.
As the second token on the Theta blockchain, Theta Fuel (TFUEL) functions as the utility token in the decentralized video and data delivery. It also serves as a gas token, paowering all operations on the Theta blockchain and incentivize user in the ecosystem.
Theta Fuel (TFUEL) was founded by Mitch Liu and Jieyi Long as a broader Theta Ecosystem in 2017.
Theta ecosystem consists of two coins, THETA and TFUEL. Both coins play crucial roles in facilitating interaction on the Theta blockchain, yet serve different functions. Currently, there are 5,232,675,200 TFUEL coins in circulation, and grow each year as new TFUEL is generated for staking rewards.