Theta Network (THETA) price surges 40% Galaxy Fox nears presale target

The crypto market is pumping hard today, with Bitcoin and Ethereum breaking $57k and $3.2k for the first time in around 2 years. In this type of bullish market, some altcoins tend to outperform, and one of those is Theta (THETA), which jumped 40% in the last 24 hours.

Meanwhile, Galaxy Fox is a new meme coin currently in the final stages of its presale, approaching 3 million tokens sold. The project blends popular meme culture with play-to-earn (P2E) features, rewarding token holders with opportunities to earn passive income through staking, P2E gaming, and more.

THETA Developments and Price Analysis

Theta Network (THETA) pumped 40% today and is trading around $2 at press time – levels not seen since early 2022, although still far from its all-time high of around $13 set in 2021.

The recent price surge comes as the Theta Network Twitter account announced today that Theta EdgeCloud Phase 1 is coming in Q2 2024. In a blog post, the team previewed how Theta EdgeCloud is ushering in a new era of AI computing as one of the most advanced decentralized platforms for developers, researchers and enterprises to access unlimited GPU processing power. 

The foundation supporting EdgeCloud’s infrastructure has been in development for years, with phase 1 estimated to launch on May 1, 2024. This major development may be fueling investor interest.

Analyzing the THETA/USDT price chart, the token had been trading sideways between $0.8 and $1.4 for months (since November last year). Price was rejected multiple times at $1.4 resistance earlier this year. However, today Theta finally broke out above this long-term channel. Typically, when a price breaks out of an extended channel, it enters “discovery mode” to establish a new range.

The 200-day moving average is currently around $0.76, acting as a dynamic support level if prices correct from here. The RSI reached overbought levels above 70 today on the daily chart but has cooled off to 42 at the time of writing. This means there is still room for more upside.

By leveraging the latest Bitcoin surge, Theta breached the key $1.4 resistance around the Fibonacci 2.618 level in an effort to reach higher values. This breakout was significant in propelling the renewed upside momentum.

What is Theta?

Theta is a Layer 1 blockchain and decentralized infrastructure for video, AI, and entertainment use cases. It consists of two complementary systems – the Theta blockchain itself and the Theta Edge Network.

The proof-of-stake Theta blockchain handles payments, rewards, staking, and smart contracts. The Edge Network focuses on computing, storing, and transmitting video streams, AI tasks, scientific simulations, financial modeling, and more. There are two native tokens: THETA for staking and governance, and TFUEL used to pay for transactions and smart contracts.

Later in 2024, the next-generation Edge Network called Theta EdgeCloud will launch as the first hybrid cloud platform built on a fully distributed architecture. This will bring cloud computing capabilities to the decentralized Theta system.

Galaxy Fox Overview

Positioned as a GameFi contender, Galaxy Fox appeals to both play-to-earn (P2E) gaming fans and meme coin enthusiasts.

Central to the project is an immersive endless runner P2E game, where players earn GFOX tokens by overcoming in-game challenges using exclusive Fox-themed characters and NFT boosters.

With 95% of the supply sold at $0.002178 per token, the Galaxy Fox (GFOX) presale has reached Stage 8 out of 10. This meme-culture-inspired coin rewards investors by enabling them to become token holders and earn yields through staking, P2E gaming, and utilizing their GFOX. Over 2.7 million tokens have already been sold as the presale approaches the 3 million milestone.

Galaxy Fox also features a one-of-a-kind Web3 endless runner game where players can earn GFOX based on in-game performance. The top 20% of players each season will receive gifts exchangeable for more tokens.

Galaxy Fox will release 3,000 NFTs during the presale as part of its real-world utility. On OpenSea, investors can mint these unique NFT collectibles to trade.

The project also gives back to its community – 2% of every transaction goes to the Galaxy Fox Stargate fund to encourage engagement across social media.

Conclusion

With Theta’s price resurgence driven by strong project developments on the horizon, the project seems poised to recapture some former highs this year. Meanwhile, newcomer Galaxy Fox blends P2E gaming and meme coin mechanics in an innovative way that rewards its growing community of investors and players.

As both projects build momentum in 2024/2025, they might potentially present interesting investment opportunities in their respective market niches. However, as with any crypto asset, conducting thorough research is essential to determine if their technology, tokenomics and roadmaps align with your portfolio strategy and risk tolerance.

Learn more about Galaxy Fox ($GFOX) here:

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