Is Bitrock Price Going To Zero? Down 80%, New ERC-20 Token Launches This Week
After a stratospheric run-in mid-July that saw the Bitrock (BITROCK) nearly 8000x from its decentralized exchange (DEX) launch price of $0.000037 to reach highs of around $0.30 per token, the token has come under massive sell pressure.
BITROCK was last trading slightly below $0.06, more than 80% down from its recent highs and with its market cap having shrunk to around $6 million.
Bitrock is a new Ethereum layer-2 scaling blockchain that boasts high speeds, near-zero gas fees and features a unique multi-chain DEX.
Bitrock’s DEX allows users to trade crypto across multiple chains without needing to use DEXs native to those chains, hold the native tokens of these chains, or pay for gas fees in those native tokens.
It achieves this via an aggregation system that allows for users to pay for necessary gas in BITROCK, which is an ERC-20 token issued directly to the Ethereum network.
The aggressive pullback from the all-time printed back in late July is showing no signs of stopping just yet, with some fearing that Bitrock could be headed back to zero.
For now, the token’s promising use case, given it powers the exciting new Bitcoin chain and DEX, should hold its value up, at least somewhat.
Overtime, the Bitrock chain/DEX’s actual utilization will determine the value of BITROCK.
If the chain/DEX is able to attract a substantial user base like other Ethereum sidechains like Polygon, Arbitrum and Optimism, Bitrock could find itself as a token with a market cap in the $100s of millions.
50-100x gains are a possibility in the coming years, if the chain sees substantial adoption.
While Bitrock was the center of a lot of hype in July, August’s big hit could be a new ERC-20 token called BTC20.
BTC20, which markets itself as a second chance to
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