As all cryptocurrencies seemingly prepare for the next leg up, a lot of interesting things will happen throughout the day. All eyes are on the BitTorrent Token price today, as a massive airdrop will occur over the next few hours. So far, it seems as if the BTT value is rising ahead of the airdrop, although issuing free tokens will usually result in a price reversal.
BitTorrent Token Price Action Gets Real
Ever since the BitTorrent Token was first announced, there have been some doubts regarding its potential value and real-world use cases. While it is clearly designed to bring more legitimacy to the BitTorrent protocol as a whole, the real impact of an “ICO on top of an ICO” will undoubtedly be met with scrutiny for some time to come. That is not uncommon by any means, but it seemingly doesn’t necessarily impact the price right now.
Over the past 24 hours, the BitTorrent Token price has begun moving up again. A solid 7% gain in USD, BTC, and TRX value shows there is a genuine interest in this token as of right now. While most people may be in it for financial gain, that may not necessarily be a bad thing either. BTT Also notes impressive trading volume of just under $143m, which is a lot higher compared to most other top altcoins on the market today. An interesting statistic well worth keeping an eye on.
Social media is abuzz with discussions regarding BitTorrent Token. That is only normal, as the token will be airdropped to TRX holders throughout the day and over the next few weeks. It will primarily depend on whether one’s exchange supports the airdrop, although it appears most platforms will effectively do so. Whale Alert Guy is convinced there will not necessarily be a price dump either, although the jury is still out on that one.
— whale_alert_guy (@whale_alert_guy) February 11, 2019
Santosh Kumar echoes a very similar sentiment in this regard. More specifically, this user expects the value per BTT to rise significantly. Users will receive roughly 10 BTT per TRX they own, thus there will be a lot of liquidity on the market. However, as has been the case with airdrops in the past, that doesn’t necessarily warrant a lot of selling pressure. Only time will tell what the coming days offer where BTT is concerned.
— Santosh Kumar (@AnalystCrypto) February 11, 2019
Times like these warrant the use of funny GIFs and memes. Paul W Baldwin has people covered in this regard, as his Spongebob Squarepants GIF sums up how some TRX holders feel today with the impending BTT airdrop. There is no real reason to panic whatsoever, although there will undoubtedly be some excitement first and foremost. Even so, no miracles should be expected either.
— PAUL W BALDWIN (@crypto_cannon) February 11, 2019
One also has to keep in mind there has been a pretty solid BTT value increase over the past week already. With a lot of tokens being airdropped this week, it seems unlikely the exact same pattern will repeat itself. However, there are plenty of people who bought Tron just for this airdrop and will liquidity TRX afterward. How that will impact the BTT charts over the coming days, is very difficult to predict at this time. Anything can happen when people receive “free money”
Note: The author of this article holds several million BTT.
This article appeared first on NullTX.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.