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THETA fell victim to arbitrage and bad PR

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THETA fell victim to arbitrage and bad PR

THETA fell victim to arbitrage and bad PR
CONTENT

  • The market did not believe in the cooperation of Theta and Google

  • In two months, the coin has risen in price by 1000%

  • After a meteoric rise, Thete crashed

International consortium of news organizations developing transparency standards.

After the parabolic rally, THETA flies into the abyss. After a triumphant takeoff on May 27 and a 422% increase in value over the past month, the coin fell by 50% in a matter of hours. One of the reasons was the exposure of the company’s claims that Google will become one of the network validators..

Rise and fall

 

THETA fell victim to arbitrage and bad PR

Since March 13th this year, THETA has made an incredible breakthrough. In just two months, the growth of the price of the cryptocurrency was 1000%. Over the past 35 days, the coin has grown immediately by 420%. BeInCrypto reported this earlier. On the weekly THETA chart, you can see that the currency has consolidated for 343 days, while giving strong bullish divergence signals on the RSI. Then the pair entered an aggressive growth phase, having strengthened by 422% in just 35 days. This allowed her to set an all-time high on May 27..

Aggressive arbitration

But the rapid growth was followed by the same rapid decline. Within a few hours, the coin collapsed by 50%, which caused a panic among investors. At the same time, the price of coins on various exchanges differed significantly.

According to Sam Bankman-Freed, founder and CEO of crypto-derivatives exchange FTX, it is very difficult to determine the real price of THETA now, as the difference in value on different sites is very variable. For example, on Huobi Korea, THETA is trading at $ 0.437, on Binance and Gate.io at $ 0.34, and on OKEX at $ 0.39.

FTX CEO Sam Bankman-Fried tweeted the following:

“FTX THETA Index Update: Exchanges have been ordered to keep D / W closed for several days. In a few days we will see what the exchanges have done, and if many have opened D / W, we will consider the offers of the exchanges that were not included in the index, ”it said..

Users instantly reacted to the message with a barrage of negative reviews. For example, a user named @Alpha_Krypto wrote “it was a shitty web launch.” And the user @Cryptobiblo replied: “Within a few days? Do you know what this means for shorts that pay 0.2% every hour of funding due to the unreasonable price of the index? “

Ok Google, what’s up with THETA?

The volatility of the coin persisted for a long time, which should ultimately lead to a drop in the price. However, the collapse of THETA could have been influenced by the users themselves, who did not believe in the company’s statement and cooperation with Google. Recall that recently there was a statement by THETA on cooperation with Google, which “allegedly acted as a validator of the blockchain network.”.

“As part of the partnership, THETA Labs CEO Mitch Liu said the tech giant is helping THETA launch Mainnet 2.0, which took place at approximately noon PST Wednesday.”.

THETA fell victim to arbitrage and bad PR

However, after the publication of this information on Twitter, users questioned the veracity of what was said. For example, a user @Nate_DiCamillo wrote: “LMAO Google has not teamed up with anyone. Classic nonsense announcement. … the collaboration is not with Google but Google Cloud, and they do not own THETA tokens. THETA puts tokens on a node from its own stocks and on behalf of Google “.

The user @itmilkyway wrote: “Nonsense. I am using Google.Cloud too. And what does it mean that I am a Google partner? “.

While the community is discussing the unsuccessful PR move of the project, the coin continues to lose value. Over the past day, according to data from CoinMarketCup, the cryptocurrency has lost 8.29% of its value.

As a reminder, Theta Fuel (TFUEL), the network’s second coin, hit the top three growth leaders last week. In seven days, it did not grow by 480%.

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