THETA Fuel Token Surges 775% In 5 Weeks: Price Analysis

The THETA fuel token has been on a triple-digit rally since the start of February which only shows that the gas token will play a key role in the fast-expanding Theta ecosystem so let’s read more in our latest altcoin news today.

The Theta project was making waves alongside other altcoins which were riding the bullish wave to new all-time highs. While the main THETA Fuel token received some attention, it seems that it is getting even bigger now as the token was quietly surging alongside THETA while its importance to the network became apparent to the crypto investors. The data from Tradingview shows that the price of the TFUEL increased over 775% over the past week that goes from $0.026 to a new all-time high of $0.22 on March 10 with the network underwent a hard fork at 12 PM PST.

The dual token model rose to prominence in 2017 with the emergence of NEO and GAS as a new alternative to the single token model which continues to be plagued with high transaction costs because ETH and BTC keep on increasing. Theta Fuel was created once he Theta mainnet launched in 2019 and it is designed to be the operational token of the protocol which powers on-chain operations like sending payments and deploying smart contracts but there’s a huge difference between Theta and other dual token models because holders that stake THETA in validator and guardian nodes are helping secure the network and earn TFUEL as a reward.

According to the data from the THETA explorer, about 57% of the 1 billion available THETA are staked on the network which is a figure that has been increasing as the project attracts more attention. With more THETA staked on the network, the role of TFUEL increases with the token getting used to interact with community members and transfer value. Following the launch of the Theta 3.0, the token holders are staking TFUEL as another way to earn passive income and to help secure the network while the upgrade will continue with the burning mechanism. This could lead to more reductions n the supply of TFUEL and will increase the price.

Due to the hard fork of the network, some could see the rise in price of Theta and TFUEL as a buy the rumor sell the news event but the upcoming developments for the protocol including the Theta 3.0 mainnet launch suggest that the rally is just about to start now.
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