This week, the crypto market is buzzing with the rise of tokens such as BTT, BONE, VET, TRX coin and STX. Here are the details…
BTT rises with TRX coin
BitTorrent token (BTT) is basking in the wake of another TRX token being burned on the Tron network. This “deflationary” strategy of removing tokens from circulation appears to be fueling BTT’s 12% rise. Historically, BTT has been positively correlated with Tron news, but the looming shadow of SEC litigation alleging unregistered securities casts a cautious light on its future.
Meanwhile, TRON’s founder Justin Sun announced an important development. TRON is preparing to launch its Bitcoin Layer 2 solution, which aims to bridge the gap between TRON’s vast network. TRON currently dominates the stablecoin market and decentralized finance (DeFi) space with a valuation of $55 billion. TRON, along with Bitcoin’s broader ecosystem, has a Total Value Locked (TVL) of $22 billion.
Ultimately, this will allow fluid interaction of TRON’s numerous tokens within the Bitcoin network, including USDT, TRX, BTT, JST, SUN, NFT, WIN, and USDC. Cross-chain technology is at the heart of this strategy, ensuring that these tokens can operate seamlessly and integrate with the Bitcoin ecosystem.
Transfers installed in BONE
Shibarium, the Blockchain of the Shiba Inu ecosystem, witnessed a tidal wave of BONE token transfers with a staggering 8.14% increase in 24 hours. However, the token’s price remained fairly calm, raising eyebrows and raising questions. Is this a reflection of market dynamics or a glitch in the Blockchain explorer? Only time will solve this mystery.
VET and STX are ready to rise
Meanwhile, famous crypto analyst Ali Martinez predicted a significant rise for VeChain’s VET token. It predicts a pitstop at $0.054 this week, followed by a temporary respite through June. But fear not, a potential bull run awaits that will culminate in a triumphant rise to $0.70 by November. VET has diligently followed Bitcoin’s recent lead, gaining 20% daily and 25% weekly. Inspired by VET’s bull run behavior before 2020, Martinez proposes a similar path after the accumulation period.
Stacks (STX) rose from the ashes with a dramatic comeback after a significant decline, a 60% price increase. This resurgence coincides with an increase in Total Value Locked (TVL) across the Stacks ecosystem and signals a resurgence of investor interest and activity. The recent launch of the Bitcoin NFT Ordinals project on the Stacks network adds fuel to this fire.
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