Goooood morning Lion's I trust you are safe and well and roaring into action. Today is an interesting day because Leo Finance could have made you some money based on a coin we featured a month ago in one of my Leo Learn segments.
Although the information listed in these articles are for educational purposes only and are not investment advice nor should they ever be taken as such. Occasionally we do get in early on crypto currencies that are launching and at times these coins can provide some returns. Although the overall majority of them do not which is the common state of the market and why you should always do your research before investing or seek professional financial services.
One of those coins we featured a month ago in LEO LEARN: BTC20 which is an ERC-20 token that is hoping to bring back the hype of Bitcoin and you can find out more in the above article.
The token only official launched on the weekend and managed to gain significant market traction being one of the most recent digital assets to go close to10x which isn't all the common currently. No doubt the interest in BTC20 was sparked due to it's launch of USD1 and a tokenomics similar to that of Bitcoin in 2011.
Although the token has started to come down in price it is still double and a bit from it's official launch showcasing the strength in Bitcoin supporters or those seeking to gain an income similar to those who invested early in Bitcoin.
Now there is nothing to suggest this token will continue to increase in value or what the developers have in store for it but it still has managed to garner support for an epic rally in today's standards.
BTC20 is showcasing a live staking report on their dash board which is promising to the overall project with unlike many protocols we're seeing a large cohort of people stake their investments with a whopping 4,124,080 staked tokens.
The current total circulating supply for the token is 6 Million so the overwhelming majority of participants are choosing to stake their tokens long term. The current estimated yield is set at 63% APY which is reasonable for Decentralised Finance (De-Fi) protocols who at times have large APY and APR's.
Perhaps the amount is a lot more sustainable and given the large stake it might be some time until we see BTC20 decline or at least not until the next lot of token's are unlocked and distributed.
The token has seen some impressive buy in's from the get go with a number of large purchases of the token at USD1 one whale buying up big as can be seen on the Etherescan. However, these whale moves are also concerns if you didn't get in early. Potential investors looking to make bank will have to contend with people who bought early and bought low knowing there is someone that may sell and remove a large chunk of equity from the token.
BTC20 did manage to make the top 10 most popular and saw some pretty impressive investments from those with more liquid assets at hand.
How BTC20 pans out is anyone's guess but the marketing team has done an impressive job at getting the token's knowledge out there to attract new investors in the project.
It is still yet to be seen if the project will continue to gain support and trigger some growth but as we know everyone it is anyone's guess on how well the token will perform despite it already netting it's investors some decent returns.
It does appear that the market has taken a slight increase in value but we are still unsure how the market will react to this ERC20 BTC20 token with many providing that they are willing to get in early for a risk.
The marketing is on point but the future of the token is uncertain but it's one we should be following closely because if the digital asset continues to rise then we will be on notice for a possible bull run of the broader crypto market.
Have you invested in BTC20? we would like to know your experiences and if you're planning on HODL or if you sold at the top of the current chart
image sources provided supplemented by Canva pro subscription this is not financial advice and readers are advised to undertake professional financial services
