Following the recent influx of listings for the incipient token, BitTorrent (BTT), is taking off. BTT is currently up over 500% since the token sale and has gained 50% in the past hour. Meanwhile, its quasi-sibling token, TRON (TRX), has also cited a similar increase rising a monumental 50% in just 15 minutes… Are these instances connected?
The recent BitTorrent token sale saw the new BTT tokens fly off the shelf in a mere 18 minutes; leaving some investors unable to grab any bags whatsoever. A grand total of $7 million was raised in that time.
At the time of the ICO, BTT was worth $0.00012. The token now sits at a price point of $0.000721; a huge gain of approximately 500% in less than a week.
This increase came as no surprise after a numerous amount of exchanges listed the token.
Prominent exchanges who listed BTT include Binance, Upbit, OKEx, and KuCoin to name just a few.
TRX pumps & dumps
Today, TRX witnessed something completely out of the ordinary, when short positions got liquated in the space of 20 minutes after the cryptocurrency pumped 50% on BitMEX.
This was shortly followed by a huge dump, which took out many long positions. Leaving many traders scratching their heads as to what happened…
Some believe this meteoric rise from BTT has contributed to the TRX pump, with one saying that it was a result of people selling BTT and buying back into TRX:
However, it may be more simple than that, and perhaps an example of TRON’s impressive marketing at work.
BTT and TRX were always meant to be linked, this is clear from the BTT airdrops for all TRX holders, an incentivization effort from BitTorrent and TRON to encourage holders of TRX and the newly minted BTT token.
Therefore, it's fair to assume that a rise from BTT would result in a coinciding rise from TRX, with the market speculating on the future price of BTT airdrops.
The subsequent dump most likely emanated from a panic sale after traders started jumping ship at a decent price.