Bitcoin Minetrix Launches on Uniswap, Announces 10% Token Burn as

Gary McFarlane

Last updated:

May 1, 2024 at 02:20 GMT+3

| 3 min read

Revolutionary bitcoin cloud mining token Bitcoin Minetrix ($BTCMTX) launched on DEXs today after raising $14 million in presale – its price is now expected to rocket on the back of newly announced burn and possible buyback initiatives.

At 4pm today Bitcoin Minetrix announced a 400,000,000 token burn, amounting to 10% of the total supply of 4 billion.

The burn will take place tomorrow (Wednesday 31 April) at 8am UTC, and there is speculation it might be followed by a buyback campaign, to drive the price higher. Although the extent of a possible buyback campaign is not known at this time, token holders will welcome these price-supportive initiatives.

Today’s announcement is thought to be a precursor to an ongoing schedule of token burns over a set duration, perhaps taking place on a monthly basis.

$BTCMTX was priced at an initial offer of $0.011 in presale, although the token is now trading at a discount after profit-taking induced by what the team describes as “unwarranted FUD”. However, it is the unforeseen drop in the bitcoin price coinciding with the launch that is thought to be behind the softness in the price.

The bitcoin price is down 2.5% today, to just above $61,000. After an initial pop, the $BTCMTX price succumbed to selling pressure by early presale buyers.

Liquidity locked for 11 months, staked tokens sit at 803 million as supply shock set to drive prices higher.

Liquidity valued at $887,000 has been locked for 11 months on the Uniswap decentralized exchange V3 pool, providing added protection for market participants, who now know that the team is committed to the long term.

Also, nearly a quarter of the total supply of 4 billion tokens remains staked, which goes some way towards dampening downward pressure. Staked tokens earn an estimated per annum reward of 52%.

The Bitcoin Minetrix token is changing hands for $0.0071 at the time of writing as it starts to put in a floor, a level that is likely to attract buyers as the visibility of the project’s value proposition rises.

It is expected that the halving cycle will contribute to creating a supply shock to drive bitcoin prices higher. Valuations of bitcoin-related coins such as $BTCMTX, with its exposure to the BTC mining ecosystem, are likely to rise in...

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