What happened
The cryptocurrency market is bouncing back today after some intense sell-offs, and Theta Fuel (TFUEL 4.74%) is posting huge gains. The token was up 28.7% over the previous 24-hour period as of 2:15 p.m. ET Wednesday.
Fuse TV published a message on Twitter yesterday announcing that it was partnering with Theta Network to launch a new series of non-fungible tokens (NFTs). Subsequent comments from Theta's management team also suggested that a much bigger partnership could be in the works.
Image source: Getty Images.
So what
Fuse TV announced Tuesday that it it was partnering with Theta to a launch a series of NFTs featuring singer and show host Amara La Negra. Theta co-founder and CEO Mitch Liu published a tweet in conjunction with the announcement stating that he was looking forward to a broad collaboration with Fuse TV "across NFTs, ThetaPass, video media, entertainment, etc.," and pricing for Theta Fuel's token surged on the news.
Now what
Theta Fuel now has a market capitalization of roughly $850 million, and it ranks as the 87th largest cryptocurrency by valuation. Big gains over the last 24-hour period have helped the token reduce its losses after huge sell-offs roiled the broader cryptocurrency market, but the token is still down 18.4% over the last seven days of trading and 76% from the high that it hit in June.
Theta provides a decentralized, blockchain-based network for video streaming and other services. Signs that the organization could be gearing up for a bigger partnership with Fuse TV are helping to power renewed bullish sentiment, and it's possible that Theta Fuel token's price could rise significantly above current levels if the underlying network and services attract new users and partners. On the other hand, Theta Fuel could continue to see volatile swings in conjunction with moves for the broader crypto market, and investors should keep their personal risk tolerance in mind.
