Major cryptocurrencies including adult-themed coins, which have been on the rise lately, took a beating on Monday night as the global cryptocurrency market capitalization shrunk 7.7% to $1.53 trillion, but the two coins associated with the Theta blockchain spiked.
What Happened: Theta, a decentralized video delivery network, has two native tokens associated with it — Theta Fuel (TFUEL) and Theta (THETA).
While TFUEL serves as a utility token, THETA plays the role of a governance token. On Monday evening at press time, TFUEL spiked 9.54% to $0.50 while THETA rose 0.71% to $8.98 over 24 hours.
Against the two largest cryptocurrencies by market capitalization, Bitcoin (BTC) and Ethereum (ETH), TFUEL rose 18.51% and 16.94%, respectively, in a 24-hour period.THETA rose 8.96% and 7.25% against BTC and ETH.
TFUEL and THETA have soared 44.65% and 22.09% over a seven-day trailing period.
Major cryptocurrencies plunged Monday night with BTC down 7.38% at $33,642.11, while ETH was trading lower by 6.78% at $2,584.69 over a 24-hour trailing period.
Dogecoin (DOGE) plummeted 10.68% to $0.33. Adult-themed coins fared worse, with CUMROCKET (CUMMIES) falling 27.98% to $0.09 over 24-hours.
See Also: How to Buy Dogecoin (DOGE)
CUMMIES is still riding high by 87.35% in a seven-day trailing period after getting a boost from Tesla Inc (NASDAQ:TSLA) CEO Elon Musk’s fervent meme-posting on Twitter Inc’s (NYSE:TWTR) social media platform.
CumInu (CUMINU), another bodily-fluid-themed coin, traded 42.44% lower at $0.00077 over a 24-hour window.
Bucking the trend among adult coins was PORNROCKET (PORNROCKET), which soared 25.02% to $0.00000018 over 24-hours and has shot up 770.12% in a week’s period. The token’s upwards movement seemingly picked up momentum after Musk’s tweets.
Why It Matters: On Monday night, meme-themed cryptos continued to fare poorly in continuation of a trend seen on Sunday night.
The rise in Theta network coins comes as the project gears up to release Mainnet 3.0 on June 30.
See Also: Why This Theta Coin Has Spiked Over 900% This Year
Theta protocol updated v2.4.0 is out as the latest step toward Mainnet 3.0 later this month:https://t.co/ENsCcFRFGL
– Theta/TFuel crypto economics update
– Transaction fee & gas fee adjustment
– TFuel burning
For more details see here:https://t.co/s6826RBYVH
— Theta Network (@Theta_Network) June 7, 2021
Last week, Theta said in a blog post that the release of the key protocol extension will see the introduction of TFUEL burning in addition to network transaction fees and smart contract fees burn, which would take the burned TFUEL “perpetually out of circulation.”
A gas fees increase on the Theta protocol was also mentioned in the blog but the project claims even with the increase the fees would be 90% to 95% lower than the fee on the Ethereum network.
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