After a largely successful token sale, the BitTorrent (BTT) token is now listed on Binance. BTT already achieved the highest trading volume on this crypto exchange in a very short time.
Tron has recently been one of the most discussed companies in crypto circles, and not without reason. With Justin Sun as founder and CEO, the company is a leader in the development of blockchain-based technology platforms that aim to create an efficient environment for creating dApps and the like.
Now back on the news, Tron has recently launched its new BitTorrent (BTT) token, which is now listed on several crypto exchanges. It was only in early January that popular exchanges such as Binance and OKex announced that they would support the token on their trading platforms.
The introduction of BTT was largely successful. The token sale sold $7 million within 15 minutes of its launch. Now that the token has gone live, the crypto world is beginning to feel the effects. The most significant BTT development is taking place on Binance.
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According to a tweet by Misha Lederman, the BTT token recorded the highest daily trading volume on Binance, just one day after its launch. The token is traded against several non-TRX pairs. The registered trading volume at the time of the tweet was 81 million US dollars (23,555 BTC). More interestingly, this was 62 BTC more than the four following cryptos traded in BTC combined: ETH, XRP, BNB and TRX.
In fact, there are rumours that crypto traders are disposing of other old coins for BTT. This is mainly due to Binance’s recent announcement that the Crypto Exchange will support the token. Apparently, after this announcement, many observers assumed that the value of the token was likely to rise.
Misha’s Tweet has since received various reactions, most of which are consistent with his remark. One Twitter user was optimistic about Tron’s future and described it as the best blockchain network currently available.
Nevertheless, he seemed a little skeptical about the long wait for significant growth in token investments. However, he praised the company for presenting some of the best blockchain projects on the market.
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If history thought us anything then it is the law of pump and dump in crypto. If you hit a good timing and jump on board of BTT train, you might see some nice gains. However, once the top pumpers (like Justin Sun himself) start dumping, a snowball effect will probably dunk you into the ground with a bag of tokens that are yet to prove any worth in the open market.
While you are here, have a look at our Tron [TRX] price prediction for 2020.
TL;DR: investing in BTT is even riskier than in other coins as there is a lot of focus of master pumpers and dumpers on the token. Those guys are not the kind of people you want to play entry and exit timing games with as you will almost end up with empty hands (or your head in your hands).
In a farewell greeting Mischas Tweet reminded of the forthcoming BTT-Airdrop, which is planned for 11 February. Only TRX owners are entitled to the BTT Airdrop.
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