Investors Rally Behind Two Altcoins With Massive Gains in the Past Hours
Bitcoin, Ethereum and most altcoins are rallying while the ‘Fear & Greed Index’ stays in the Greed territory. Meanwhile, some altcoins are gaining more than the rest, among the highest gainers are Dymension (DYM) and BitTorrent (BTT).
BTT has seen massive and explosive growth gaining almost 40% in the past 24 hours. BTT was relatively flat before the move and actually had been on a slow but steady decline since March 2023. According to FXLeaders BTT’s rally comes due to a surge in engagement and growth, evidenced by the increase in active miners to over 7.9 million.
Additionally, they note a rise in storage contracts to 141 million, which indicates a growing interest in securing the network and utilising decentralised storage solutions. Additionally, the ecosystem has seen a notable uptick in revenue, generating over 238.74 billion BTT.
The BitTorrent peer-to-peer file-sharing network is closely associated with Tron founder Justin Sun. Sun has been in legal quarrels with the United States Securities and Exchange Commission (SEC) since last year.
The lawsuit filed by the SEC in March of 2023 accused DeAndre Cortez Way (also known as SouljaBoy), Austin Mahone, and Justin Sun of deliberately receiving payments without disclosure for promoting, and potentially manipulating the market of TRON and BTT (BitTorrent) tokens.
DYM, saw a massive airdrop this week amid its mainnet launch – a hefty USD $400m (AUD $616m) in DYM tokens. Often, an airdrop or launch leads to a massive dumping of tokens; however, DYM has defied this trend by gaining 98% in the past few days.
Immediately after the launch some reports made the rounds on the platform formerly known as Twitter, where people thought they had lost access to their airdropped DYM – sending out some scammy vibes.
Dymension is a decentralised, Cosmos SDK-based Layer-1 blockchain platform emphasising easy deployment of app-chains (RollApps) with security, interoperability, and liquidity.
DYM, as the ecosystem’s governance token, enables fee payment and governance participation through voting.