The BitTorrent token rose by 230 percent last weekend. However, it is not a Discord trader group or a Reddit forum that is to blame for the pump.
The token (BTT) of the file-sharing company BitTorrent, which is based on the Tron blockchain, can look back on an explosive week. Compared to last week, the price of BTT rose 230 percent, reached a new record high on Sunday (0.003902 US dollars) and is currently consolidating at around 0.0034 US dollars (as of March 22, 2021, 4:43 pm Clock). The alleged reason for the pump is likely to be two current promotional campaigns by the crypto exchanges Binance and Huobi Global.
At Binance, advertising began on March 20th and should run until March 26th. 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 BTT, which, however, are not paid out until the account reaches a volume of at least 3 BTC (currently over 150,000 US dollars). The issue amount was limited to a total of $ 100,000. The contingent has now been exhausted, which heralds the start of the next phase.
In phase “B” a kind of trading competition is planned in which the users are measured according to their purchases and sales in USDT. Whoever trades the most TRX, WIN, BTT, JST, or SUN will receive another token reward of 30,000 US dollars. The second and third place will receive 20,000 and 10,000 US dollars respectively in the traded tokens. A total of 40,000 US dollars in tokens will be distributed to places four to ten.
Phase “C” then follows as a “cherry”. All traders who have traded at least 30,000 USDT in the trading competition will be thrown into a lottery pot. 100 lucky winners will then be drawn from this, who will each receive an additional $ 500 in tokens. In total, Binance is distributing $ 250,000.
The marketing campaign at Huobi is comparable to that of Binance. It runs from March 19th to April 3rd. Only TRX and BTT are tradable. The prizes total $ 100,000, which places 2 through 50 can win. First place goes to a brand new Tesla “Model Y” worth 50,000 USDT. The spot trading volume is decisive for the placement. In addition, a competition is planned from April 1 to April 16. This time for the tokens JST and SUN. The conditions and prices remain the same.
After the raffle announcements, the BitTorrent Token saw a real vertical start of the course. The token was already pumping a little over 200 percent within a day of the announcement. The other tokens also benefited from the marketing campaign.
The last pump of the BitTorrent token was not that long ago. The token was already in the focus of reporting in mid-February when the price suddenly rose by almost 130 percent. Many suspected none other than the Reddit group “r / SatoshiStreetBets” to be responsible for the increase. They had actively called for the purchase of the cryptocurrency within their community.
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