The sale of the BitTorrent token (BTT) was everywhere in the digital currency news yesterday. Hosted on the Binance Launchpad platform and concluded yesterday, it managed to net $7.1 million dollars with the sale of 50 billion altcoin tokens in under 15 minutes.
Binance announced the official conclusion of the sale in an official blog post. Based on a Tron-TRC-10 token, BTT will be used on the platform to “transact in computing resources shared between BitTorrent clients and any other participating service requesters and service providers.”
What’s important is the fact that the BitTorrent tokens were sold in two sessions, one for buyers using Binance’s native token Binance Coin (BNB) and the other for buyers using Tron (TRX). Each token was priced at $0.00012 according to the sales data published on Binance.
The founder and CEO of Tron, Justin Sun, followed up with a tweet after the sale has concluded, stating:
“It is official: In the BNB session, all 23.76 billion BTT were sold to token sale participants within 13 minutes and 25 seconds. Meanwhile, in the Tron session, all 35.64 billion BTT were sold within 14 minutes and 41 seconds.”
The Binance CEO and founder Changpeng Zhao was not quiet too. At around 3:20 UTC, CZ tweeted:
“Both sessions concluded. Took about 18 minutes, due to a system issue, would have taken 18 seconds otherwise. Demand was astronomical.”
The new milestone for both teams is the BitTorrent Speed system which will integrate the Tron-based BTT token in the popular µTorrent Windows client – expected to launch by summer.
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“Rug pull senses tingling. I managed to make it here up in $BTC, up in $USD. Going to keep it that way – tethering ~75% of my $crypto holdings. Playing with the rest. Maybe I get left behind, but I don’t think so.”Despite Bitcoin's increased dominance which now sits at its all-time high of 54.2%, the technical perspectives show that the great altcoin boom on the market is likely to produce a boost - and that the future altcoin news may show us a lot of new capital and confidence from investors. However, this altcoin boom is only possible if Bitcoin sees a strong upside movement and stabilizes above the crucial resistance levels. Currently, the daily spot volume of BTC is at around $580 billion which is still a big up since the first week of March - and a good sign that the great altcoin boom may be around the corner.
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