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Collaboration announcements in bear markets can have temporary but significant effects on altcoin prices. While some projects may exploit this, the impact of news flow on prices is quite clear. Just now, we saw the price rapidly rise with the announcement made by Theta. So, what are the details of the announcement that triggered this surge?
Why is THETA Coin Rising?
A few minutes ago, the Theta Coin team shared a blog post mentioning a project developed in collaboration with Google Cloud. The post stated that the details of this project would be announced at the Google Cloud Next conference, which is taking place today in San Francisco. The project will be presented by Brice Perez, a Web3 customer engineer at Google Cloud.
“This collaboration between Google Cloud and Theta Edge Network aims to combine the best of Cloud and Edge architectures. While Cloud infrastructures have high availability and stable structures, Edge networks have lower capacity but immense parallel processing power and an unlimited number of nodes close to end-users. By using both together, we can leverage the power of both Cloud and Edge for use cases of artificial intelligence emerging in the fields of video, media, and entertainment.”
Following the announcement, the price surged from $0.63 to $0.688.