Bittorrent Token, the TRON-based TRC-10 token for transacting in computing resources shared between BitTorrent clients, has risen to almost ten times its ICO price in little over a week.
BitTorrent Inc, the company built around the BitTorrent peer to peer filesharing protocol created in 2001, was acquired by TRON for $126 million last summer. After the sale, plans were drawn up to tokenise the BitTorrent ecosystem. In January, TRON announced it would use the Binance Launchpad platform to run a public ICO for its BTT tokens.
On the 28th January, the token initially went on public sale for 0.00012 USD according to information on the Binance Launchpad. The BitTorrent Token sale ran in two simultaneous sessions: one for purchases using Binance Coin (BNB) and another for purchases using TRON (TRX), with 23.76 billion BTT for sale in the former and 35.64 billion BTT for sale in the latter.
Incredible demand brought back memories of the heydays of the ICO bubble, with all 59.4 million tokens selling in under 15 minutes and technical issues preventing some investors from buying during the frenzy.
This is how Justin Sun, TRON Foundation’s CEO announced the results of the sale:
It is official: In the BNB session, all 23.76 billion BTT were sold to token sale participants within 13 minutes and 25 seconds. Meanwhile, in the TRON session, all 35.64 billion BTT were sold within 14 minutes and 41 seconds. #BTT $BTT #BitTorrent #TRON https://t.co/C1dqxRkO2l
— Justin Sun (@justinsuntron) January 28, 2019
Demand has continued to push up the price of BTT, and at time of press, the token price is 0.001172 USD – 9.8 times the public ICO price. The price has risen 62% in the past 24 hours alone, on volumes of over half a billion dollars.
It goes to prove that there is still investor demand for ICOs. Time will tell whether BTT will maintain its valuation and whether its vision as the token to transact in computing resources will be fulfilled.