- 36.92% of TFUEL’s circulating supply is now staked on the Theta Network
- This translates to roughly 1,970,092,812 TFUEL
- Staking of Theta Fuel (TFUEL) has been active for less than 2 weeks
- 63.24% of THETA is also committed to staking
- TFUEL/USDT on the daily chart looks set for a trend reversal to the upside
36.92% of Theta Fuel’s circulating supply of 5,336,112,711 TFUEL is now staked on the Theta Network. This amount translates to roughly 1,970,092,812 TFUEL tokens being committed to the newly introduced staking mechanism on Theta Mainnet 3.0.
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The Theta Network introduced the staking of TFUEL on June 30th during the aforementioned upgrade to Theta Mainnet 3.0.
63.24% of THETA is also committed to staking
To note is that staking on the Theta Network is not limited to TFUEL as THETA holders have committed a whopping 63.24% of the coin’s circulating supply to the process.
The screenshot below, courtesy of Theta Explorer, further highlights the preference by both TFUEL and THETA holders to stake their digital assets rather than trade or hold them in the traditional sense without rewards.
TFUEL/USDT Could Be Gearing Up for A Bullish Reversal
With respect to price action, Theta Fuel (TFUEL) is currently trading at $0.3565 which is a 47.57% pullback from its most recent all-time high of $0.68 set on June 9th.
A quick glance at the daily TFUEL/USDT chart below reveals that the token could be gearing up for a few bullish days at least towards the 50-day moving average (white) that is offering significant resistance at the $0.42 price level.
Additionally, the daily TFUEL/USDT chart further reveals the following:
- The daily MACD is about to cross the signal line in a bullish manner below the baseline
- The daily MFI and RSI are hinting at a reversal to the upside at their current values of 40 and 41 respectively
- The 100-day moving average (yellow) is offering significant resistance at the $0.38 price area
- In the event TFUEL suffers a pullback due to an uncertain Bitcoin, the 200-day moving average (green) offers adequate support at the $0.255 price area