BitTorrent Token Sale (BTT) Completed Under 15 Minutes Due to ‘Astronomical Demand’

ยท in Crypto News
Carlos is an international relations' analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.

The BitTorrent Token (BTT) sale was completed in just a few minutes after being launched on Binance Launchpad. Indeed, the Binance Coin (BNB) session supply was sold in 13 minutes while the Tron (TRX) session supply was sold in just 14 minutes. Users were able to purchase BTT tokens using

BitTorrent Token Sale Ended in Just a Few Minutes

The BitTorrent Token was launched by the BitTorrent Foundation and it aims at improving the services provided by the BitTorrent platform. The intention is to tokenize the world’s largest decentralized file sharing protocol.

On January 28, Justin Sun, the founder of the Tron and CEO of the BitTorrent Foundation wrote a tweet asking Binance how long it would take to finish the token sale. The answer has surprised most of the investors in the market since it took less than 15 minutes.

The BTT token sale started on January 28 at 3:00 PM (UTC) with two simultaneous token sale sessions. Each of the sessions accepted both BNB and TRX tokens.

Changpeng Zhao, the CEO of Binance informed that both sessions concluded in just 18 minutes due to a system issue. According to him, the ‘demand was astronomical.’

As the demand was so high, there might be another token sale. A user asked Changpeng Zhao on Twitter whether they will be doing another token sale in the future. Mr. Zhao answered that another one is coming soon.

According to an official post released by Binance, at the time of the sale, one BTT is priced at 0.00001824 BNB or 0.00447261 TRX tokens. With just 1 BNB token it was possible to purchase 54,824.56 BTT, while 1 TRX could buy 223.58 BT. The minimum amount to purchase was 100,000 BTT and 166,666,666 BTT was the maximum amount.

The blog post reads as follows:

“BitTorrent is a TRON-affiliated blockchain project for peer-to-peer file sharing, empowering a new generation of content creators with the tools to distribute their content directly to others on the web. BitTorrent’s new BTT token will allow BitTorrent peers to incentivize activities that lead to better file sharing, like using faster networks and enabling longer seeding periods.”

At the moment, BitTorrent currently has 100 million monthly active users in 138 countries.

Tron (TRX) is the 8th largest digital currency in the market. However, it has experienced a hard drop during the last 24 hours. The cryptocurrency lost 11.34% dropping down to $0.026. In the last few weeks, Tron was able to achieve a very promising growth. In just two months, TRX grew around 160% reaching the 7th position in the market and overtaking Litecoin.

Binance Coin (BNB) is also falling. The digital asset fell 12.04% in the last 24 hours to $6.15. A few days ago, Binance Coin was able to surpass IOTA (MIOTA) as the 12th largest digital asset.

It seems that these two cryptocurrencies were purchased in order to buy the BTT tokens that were sold today. Tron and Binance Coin suffered the biggest drops among the top 10 alongside Bitcoin SV (BSV) and Bitcoin Cash (BCH). The best performing digital currencies in the top 10 are Bitcoin (BTC) and Litecoin (LTC) falling 3.85% and 6.01 respectively. 

In a recent tweet, Changpeng Zhao informed that due to overwhelming demand, the Tron team agreed to do a small airdrop for those who tried to place buy orders but were not able to purchase the tokens. However, he did not provide any specific information on the matter.

The Bear Market Report
Our Bear Market guide not only helps you survive this crypto winter, but also guides you through the foundation you'll need to thrive in the next bull run.