The crypto market is holding off the bears and has continued to post bullish signals. So far, the nascent industry has surged 0.21%, hitting $1.18 trillion, with several altcoins seeing remarkable increases as a result.
One standout performer in the past 24 hours is the PEGASUS token, which has skyrocketed by an impressive 1,000% in profits. This significant surge has caught the attention of investors who now wonder if PEGASUS could be the next big thing.
However, an ERC-20 token, BTC20, looking to dial back the promise of Bitcoin, is making waves amongst crypto experts.
The digital asset seeks to draw inspiration from the emergence of the Bitcoin network back in 2011 while incorporating the functionalities of a smart contract network.
PEGASUS’ Momentous Climb to Crypto Fame
Pegasus Sniperbot is a new crypto project, yet it has already drawn attention to itself. According to the token’s description, the blockchain protocol is an automatic sniper bot, offering investors real-time access to newly launched projects and safeguarding them from rug pulls.
The project team believes this cutting-edge feature will give investors an edge in capitalizing on first-mover opportunities, leading to more substantial profits.
However, Pegasus Sniperbot’s allure doesn’t stop there. The platform notes that it offers exotic features to help investors capture promising new projects, although the specifics are yet to be revealed.
At press time, PEGASUS is trading at $0.56, indicating an uptrend of 158.46% in the last 24 hours.
The digital asset previously locked in a 1,000% profit in the past day, hitting a record high of $0.7048. Now, PEGASUS is consolidating its gains but still showing strong bullish signals.
Listed on DEXTools, the project has an aura of authenticity, evidenced by its 100% community trust sourced from seven votes.
Furthermore, Pegasus Sniperbot’s smart contract is verified and skips the category of being a honeypot scam as it is marked as ‘No’ on DEXTools. The project applies a 5% tax to both buy and sell transactions.
A honeypot scam is a deceptive blockchain project that lures investors with promises of high returns, only to exploit and devalue their investments by dumping tokens and causing financial losses.
While it might be genuine, Pegasus Sniperbot has a heavy buy-and-sell tax. Both metrics will set the investor back a whopping 5%, making it one of the most expensive new tokens in the crypto market.
Furthermore, the presence of two token pair holders suggests that a limited number of wallets hold a significant share of the asset.
While its phenomenal gain is something to take into cognizance, a Bitcoin-focused smart contract token is making waves.
BTC20: Reinventing the Bitcoin Myth
BTC20 emerges as a beacon of opportunity for investors who regret not getting in on the early Bitcoin (BTC) craze. This recently launched project is an ERC-20 token that runs on the Ethereum proof-of-stake (PoS) blockchain.
The project is inspired by the Bitcoin network and zooms in on the foremost crypto asset’s early beginnings. Think of it as Bitcoin on Ethereum.
As of April 2011, Bitcoin traded at $1 per token, making it a bargain in hindsight. It also had a circulating supply of only 6.05 million coins two years after its anonymous creator, Satoshi Nakamoto, launched it.
BTC20 now reintroduces this nostalgia as each coin is currently selling at $1 in its presale stage. Also, the project plans to release the same 6.05 million token supply from 2011 to its early backers.
Is BTC20 just another project looking for attention? Most likely not. For a start, it brings all the utility of the Bitcoin network and combines it with the robustness of the Ethereum blockchain.
The BTC20 project will have a hard cap limit of 21 million tokens that will ever be in circulation in honor of the crypto bellwether. This makes it also deflationary from the onset.
Another thing is that BTC20 is stakable and token holders can lock the asset to earn passive income. This is a win-win situation for Bitcoin hodlers and those who want to unlock the potential of the foremost digital currency.
As an ERC-20 asset, BTC20 will become interoperable with the hundreds of lending, borrowing, and staking decentralized finance (DeFi) applications that operate on the Ethereum network.
So how does it work? The platform follows the older protocol meticulously in its operation. For instance, the BTC20 network releases new tokens at the same time as the original Bitcoin network when it validates transactions.
This means with every Bitcoin transaction confirmed, a predetermined amount of BTC20 tokens will be released to stakers following the token release schedule.
With this design, the last BTC20 token will be minted approximately 120 years from now. This makes it possible for investors to get block rewards without going through the arduous proof-of-work (PoW) route to earn cryptocurrencies.
The project has already gained significant traction, with its presale stage proving to be a tremendous success.
The digital asset has amassed over $5.8 million from early-bird investors, with more contributions pouring in.
For interested investors, BTC20 can be acquired through its platform’s website using ETH, USDT, or credit/debit cards.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.