BitTorrent (BTT) Doubles in Price Following TRON's Milestone of 200 Million Users
Ahead of its parent company's milestone, BitTorrent's BTT token is nearing a market cap of $1 billion.
BitTorrent (BTT) Doubles in Price Following TRON's Milestone of 200 Million Users. Image: Coinkolik
BitTorrent's BTT token, the file-sharing platform acquired by TRON in 2018, has seen significant growth in the past 24 hours, driven by a new milestone for its blockchain parent.
This is not only a significant milestone but also a testament to our growing ecosystem. I am confident that we will continue to increase the usage of USDT and other stablecoins, further solidifying our position in the market.
— H.E. Justin Sun 孙宇晨 (@justinsuntron) December 6, 2023
According to TRON founder Justin Sun's announcement on the evening of December 6th, the TRON blockchain has officially reached 200 million users.
"This is not only a significant milestone but also a testament to the evolving ecosystem," expressed Sun.
In his post, Sun also extended gratitude to Tether and their development team:
"34,500,061 users on Tron are currently holding USDT, accounting for 17.2% of our total user base."
On the flip side, Circle recently clarified their relationship with Sun's "empire." In response to allegations from U.S. officials, Circle affirmed that they had severed ties with Justin Sun and related companies long ago and have no involvement in any illicit money laundering activities on the TRON network.
TRON currently hosts assets worth $8.1 billion, which is the Total Value Locked (TVL) across DeFi protocols, making it the second-largest blockchain by user base and TVL globally, only behind Ethereum.
Top 10 chains by TVL in the crypto market. Source: DefiLlama
Combined with the overall crypto market momentum, BTT has shown incredibly strong performance following Justin Sun's announcement. There were times when its token price doubled within just one day.
1H chart of BTT/USDT pair on Binance as of 10:10 AM on 07/12/2023
BitTorrent's market cap currently stands at around $868 million. Daily trading volume has also surged significantly by 1,163% to $364 million USD, although liquidity depth remains relatively low at 2%.
Market cap statistics for BitTorrent (BTT) over the past 24 hours. Source: CoinMarketCap
Currently, Justin Sun and his associated companies Tron Foundation Limited, BitTorrent Foundation Ltd., and Rainberry Inc. are facing a lawsuit from the SEC, alleging unlawful sale of securities. The U.S. Securities and Exchange Commission specifically identifies TRON (TRX) and BitTorrent (BTT) tokens as securities.
