- The crypto market lost 14.9% from its market cap today, falling to lows of $1.42 Trillion on June 08th.
- Amidst the chaos TFUEL was a winner, with price up +4.50% in 24 hours.
- Meanwhile BAKE Token plummeted, losing -21.89% of its value according to Accointing.com.
TFUEL powers the Theta Network, a decentralised video streaming and data delivery service launched in March 2019. The Theta network has two native currencies: TFUEL and THETA.
- THETA is a governance token and is used for staking by validator nodes.
- TFUEL is used to pay for services and reward nodes for storing and relaying data.
Why did price increase?
TFUEL price is increasing in the build up to Theta’s Mainnet 3.0 launch scheduled for June 30th.
The update will introduce TFUEL burning and staking which could make the token more attractive to investors. Staking TFUEL allows holders to earn passive income from locking up their coins and Theta’s developers hope burning transaction fees will have a deflationary impact on price.
The Theta Network is taking a step towards the Mainnet 3.0 upgrade by upping network fees to more closely reflect computation costs, a change scheduled for May 10th/11th.
According to Theta the fee increase will better secure the network against transaction spam attacks and will have the knock on effect of upping the amount of TFUEL taken out of circulation when burning begins.
The graph shows that TFUEL has made huge gains this year with price up +1535% since the start of 2021. For the majority of this period TFUEL’s RSI score has remained below 70 indicating that it is being purchased at a fair price. Today, the RSI score is over 70 indicating that TFUEL is overbought – this score was last seen after a Theta network hardfork on March 10th which caused TFUEL’s price to double.
When the burning of transaction fees begins we could see TFUEL price increase as coins are taken out of circulation.
BAKE is the native token powering BakerySwap, an Automated Market Maker (AMM) and NFT marketplace on the Binance blockchain.
On BakerySwap platform users can earn BAKE tokens by providing liquidity and use tokens for voting or to receive dividend payments.
Why did price decrease?
BAKE price dropped -21.89% in 24 hours as of June 08th, briefly falling out of the top 100 cryptocurrencies by market cap.
At the time of writing, BAKE is trading at $2.89, down -65.3% from its All Time High of $8.38 on May 02. Downward price pressure has been affecting BAKE since early May – the value of sales across the NFT market plummeted in May, falling -94.4 % between May and June 08th.
Today’s price tumble is in line with price dips seen across a flagging altcoin market, with Telcoin and NEXO both losing -20% of their value in 24 hours.
BAKE’s RSI score dropped below 30 multiple times on June 08th indicating BAKE is oversold amidst its price crash. However, as price has climbed, the RSI has returned back to fair-value levels.