Theta (THETA), which broke record after record in 2021, crashed 25 percent in the past 24 hours after the announcement that the launch of the mainnet of the project was delayed for two months.
Mainnet 3.0 of the blockchain-based video streaming platform Theta was scheduled to launch next month. The Theta team announced on March 24 that the mainnet startup was delayed to the end of June.
Theta fell from $ 14.43 to $ 10.73 on Thursday morning, losing a quarter of its value.
The reasons for Mainnet’s delay include the delay in code review and the last-minute decision to include the NFT marketplace in the new update.
“The key partnership opportunities in the NFT space required us to allocate resources to build a broader approach to the NFT marketplace that will be launched in the new update,” explained Theta.
Given Theta’s incredible rally in the first three months of 2021, it comes as no surprise that the coin will finally lose value. Theta gained 961 percent from $ 1.36 to $ 14.43 between January 1 and March 24.
Theta Fuel (TFUEL), the sister token of Theta in the two-token system, also gained 1,921 percent in the same period, but fell 25.6 percent last night, sharing the same fate as Theta.
As of the time of translation release, THETA is trading at $ 11.91 and TFUEL at $ 0.39.