THETA continues to deliver a strong performance this week thanks to overwhelmingly positive sentiments after the integration of a Metamask plug-in into its blockchain, thus delivering easier DeFi access.
THETA’s price has so far rallied by 10.70% in the last 24 hours and is currently trading at $7.08 at the time of this press. It also builds to its previous gains in the last few days, delivering an impressive 23.54% gain in the last 7 days.
Source: Binance
THETA’s recent performance especially during yesterday’s trading session highlights a notable uptick in buying volume. This was likely due to the announcement of the recent integration of a Metamask plug-in allowing easy connectivity between the Theta blockchain and Metamask wallets.
THETA was already on a bullish trajectory before the recent Metamask integration as part of the bullish recovery in the crypto market. Before the recovery, it experienced a sharp decline before bottoming out at $3.49, a price level that it last experienced in March 2021. So far its price has recovered by roughly 102% from its July lows, highlighting just how impressive it has been.
Metamask is one of the most popular browser extension wallets in the crypto world. Many pro-crypto holders keep their cryptocurrencies stored in such a wallet because it allows them to fully control the security of their cryptocurrencies by controlling their private keys. One of the best features of the Metamask wallet is that it allows easy connectivity to supported websites and exchanges. It, therefore, offers essential benefits such as a high level of security and easy/convenient transfer of digital assets across multiple blockchains.
The integration will allow value to be transferred between THETA and other blockchain platforms. For example, users and projects rolling out their developments on the blockchain can purchase the THETA cryptocurrency on exchanges, and then easily use Metamask to move the tokens from the exchanges to the blockchain and vice versa.
The integration might potentially have far-reaching positive consequences for THETA especially as far as accessing DeFi is concerned. For example, it might unlock easier access to the value that will push THETA closer to its goal of becoming the network for decentralized content streaming.
Another potential reason why the integration of Metamask with the Theta blockchain has had such a significant impact on price action might be the Theta mainnet 3.0 update. The latter was introduced towards the end of June and it introduced TFUEL staking. Metamask is now a bridge that will allow more people to access the Theta blockchain so they can stake TFUEL to earn passive rewards.
The recent developments are in line with the anticipated rapid growth that is expected for the blockchain in the next few years. It is expected to deliver an annual growth rate of 18% and possibly more for the next two years. The network already supports essential blockchain capabilities such as smart contracts which will be handy for its ThetaDrop NFT marketplace.
The introduction of Metamask support for the Theta blockchain is one of the first major steps towards planned growth measures that will allow the network to blossom towards more utility. These developments and more to come will likely continue to support THETA token’s strong price action.
Sydney has 20+ years commercial experience and has spent the last 10 years working in the online marketing arena and was the CMO for a large FX brokerage.
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