BitTorrent Token (BTT) pumps up by almost 230 per cent – here’s what’s behind it
The BitTorrent token gained 230 percent over the past weekend. However, it is not a Discord trader group or a Reddit forum that is to blame for the pump.
The Tron blockchain-based token (BTT) of file-sharing company BitTorrent can look back on an explosive week. Compared to last week, the price of BTT rose by 230 per cent, reaching of Bitcoin Era a new record high on Sunday (US$0.003902) and currently consolidating at around US$0.0034 (as of 4:43pm on 22 March 2021). The presumed reason for the pump is probably two current promo campaigns by the crypto exchanges Binance and Huobi Global.
At Binance, the promotional activities started on 20 March and are scheduled to run until 26 March. The marketing campaign is divided into three phases (A, B and C). Phase „A“ is intended for new customers. There, new users could register with the crypto exchange via various gift links and receive up to 10 US dollars in Tron (TRX), Wink (WIN), Just (JST), SUN or even BTT, which, however, cannot be paid out until the account reaches a volume of at least 3 BTC (currently over 150,000 US dollars). The amount issued was limited to a total of 100,000 US dollars. In the meantime, the quota has been exhausted, which heralds the start of the next phase.
Phase „B“ will involve a kind of trading competition in which users will be assessed according to their purchases and sales in USDT. Whoever trades the most TRX, WIN, BTT, JST or SUN will again receive a token reward of USD 30,000. Second and third place will receive 20,000 and 10,000 USD respectively in traded tokens. A total of 40,000 US dollars in tokens will be distributed to places four to ten.
Phase „C“ follows as the „cherry“. Here, all traders who have traded at least 30,000 USDT in the trading competition will be thrown into a lottery pot. From this, 100 lucky winners will be drawn, who will each receive an additional 500 US dollars in tokens. In total, Binance will distribute 250,000 USDT.
Huobi raffles off Tesla „Model Y
The marketing campaign at Huobi is similar to that of Binance. It runs from 19 March to 3 April. Only TRX and BTT can be traded. The prizes total 100,000 US dollars, which can be won by 2nd to 50th place. First place will receive a brand new Tesla „Model Y“ worth USDT 50,000. Decisive for the placement is the spot trading volume. In addition, another competition is planned from 1 April to 16 April. This time for the tokens JST and SUN. The conditions and prizes remain the same.
After the competition announcements, the BitTorrent token witnessed a veritable vertical take-off in price. Within a day of the announcement, the token pumped up by over 200 percent. The other tokens also benefited from the marketing campaign.
Last BTT pump only a month ago
The last pump of the BitTorrent token was not that long ago. In mid-February, the token was already in the focus of the media when the price suddenly rose by almost 130 percent. Many suspected that no one less than the Reddit group „r/SatoshiStreetBets“ was responsible for the increase. They had actively called for the purchase of the cryptocurrency within their community.