Used in the world's largest P2P file sharing service BitTorrent
Provided when sharing rare files... Volume shortage causes price volatility
Wemix, delisted, sees price surge after Coinone resumes trading
BitTorrent, a virtual asset drawing attention amid allegations that Kim Nam-guk, a member of the Democratic Party of Korea, invested in it, showed rollercoaster-like volatility in the past, unlike recent times.
According to the global virtual asset market tracking site CoinMarketCap, as of 3:14 PM on the 10th, BitTorrent was priced at $0.00000060, up 1.49% from the previous day. Compared to a week ago, it fell by 4.77%.
BitTorrent is a virtual asset for BitTorrent, the world's largest peer-to-peer (P2P) file sharing service. Therefore, it is also called the 'BitTorrent Token.' The P2P file sharing service BitTorrent is known to have over one billion general users. Unlike the traditional one-to-one file sharing method where clients received files from a server, BitTorrent shares files in a one-to-many manner. Files are divided into pieces, and users who have these pieces exchange them with each other. This method enables faster download speeds. The BitTorrent Token was created to enhance the network's file sharing efficiency. Users who share scarce data on BitTorrent are rewarded with BitTorrent Tokens.
The BitTorrent Token was issued based on the TRON blockchain, which ranks 12th in total market capitalization. The TRON Foundation acquired BitTorrent in June 2018 for $120 million (approximately 158.9 billion KRW) and then issued the BitTorrent Token. The TRON Foundation plans to activate the BitTorrent service by utilizing the BitTorrent Token and combining the TRON blockchain with BitTorrent's P2P network. In January last year, a redenomination of BitTorrent was conducted to increase circulation. Redenomination means dividing existing tokens by a certain ratio while maintaining the market capitalization, and through this, one BitTorrent Token was split into 1,000 tokens.
Despite these efforts to activate the ecosystem, BitTorrent has not received significant attention in the virtual asset market. It remains ranked 70th in market capitalization among all virtual assets. Due to relatively low trading volume, sharp price fluctuations have occurred. On the 20th of last month, it recorded $0.00000062 around 6 AM but surged 22.58% to $0.00000076 within about an hour. It then declined, returning to the pre-surge price by around 6 AM the next day. On the 1st of this month, it rose more than 8% within about two hours but gave back all gains within a day.
Additionally, WEMIX, another virtual asset suspected of being invested in by Representative Kim, also experienced wild price swings. Wemade has been continuously expanding after building the WEMIX 3.0 blockchain mainnet and issued the WEMIX virtual asset. Until early 2021, WEMIX was around $0.2 but soared to $24.28 on November 22 of the same year. During January to February 2022, the period when Kim was alleged to have held a large amount of WEMIX, the price fluctuated between $10.01 and $4.2 but continued to decline.
WEMIX continued to experience sharp rises and falls afterward. On November 24 last year, the Digital Asset Exchange Joint Council (DAXA), composed of Korea's five major virtual asset exchanges (Gopax, Bithumb, Upbit, Korbit, Coinone), decided to delist WEMIX due to significant violations of circulation volume, inadequate or incorrect information provision, errors in submitted materials during the explanation period, and damage to trust. As a result, the price plummeted from $1.62 to $0.29. Then, when Coinone alone relisted WEMIX on February 16, the price, which was around $1.44, surged over 80% to $2.62 six days later.
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