In an unprecedented surge, BTC20, a Bitcoin derivative on the Ethereum network, saw an astounding 600% price increase within 48 hours of its launch, heralding the possibility of an imminent 10x gain. Staking, recently activated for BTC20 at 3 pm UTC last Wednesday, had already secured approximately 65% of its circulating supply, approximately 3,930,621 of the 6,050,000 tokens, according to BTC20’s website real-time dashboard data.
BTC20’s favorable stake-to-earn tokenomics, mirroring Bitcoin’s dynamics from 2011, ensures a strong footing – a 66.97% annually yield. Staking rewards, mimicking Bitcoin’s original block rewards, are accrued every 10 minutes but can be claimed only after a minimum period of seven days. The remaining tokens from the total supply of 21 million are locked to payout rewards.
On Uniswap V2, a decentralized exchange, 87.89% of the liquidity has been securely locked. This nullifies any concern about the possibility of a rug pull, enhancing stability and burnishing BTC20’s reputation as a reliable investment. However, it must be noted that a portion of the token holders might contemplate capital preservation, seeking to gain profits on their initial investments while allowing a segment of their tokens to continue yielding returns.
A multitude of factors are supporting the BTC20 price uptrend. The Coinmarketcap and CoinGecko listings will undoubtedly boost the coin’s visibility and generate substantial buyer interest. The prospect of a centralized exchange listing can’t be discounted either. Although seemingly not part of the BTC20’s team’s immedate plans, such decisions can be independently taken by exchanges guided by trading volumes and market trends.
The entire trading volume of Uniswap was close to $4 million in the past 24 hours, with BTC20 emerging as a hot pair on DEXTools. With potential listings on CMC and CG, it’s plausible to expect a mushrooming of trading volumes and the price curve resuming its parabolic movement.
Lastly, it can’t be ignored that the BTC20 team is striving to create a hype around the coin through marketing. The catchphrase ‘Bitcoin on Ethereum’ targets those who missed out on Bitcoin’s original bull runs, while ongoing digital campaigns aim to bolster the coin’s popularity. As optimism around BTC20 builds up, another ‘version 2’ coin, XRP20, facilitated by similar tokenomics, is ready for launch. Overall, while the cryptosphere continues to be tumultuous, it’s essential to remember the high-risk nature of these ventures and tread cautiously.
Source: Cryptonews
