The Special Token Sale of TimeCoin (TMCN) was launched on February 15th, 2021, with a 93% discount on the token’s current market value.
The token was launched on November 11th, 2020 on BitForex as an IEO, at an initial price of $0.7. After the launch, the price rose to $11, and it has continued to rise. TMCN’s price hit a record high of $8,500 on February 18th, 2021 and that price was more than 12,142 times the initial price. Also, TimeCoin is listed on BitMart on March 24th, 2021 and will be listed on other exchanges near the future.
The project, the TimeCoinProtocol, was initially financed by a few investors who invested around $4 million, and only a very limited number of tokens were placed on the market.
Now with the Special Token Sale, the tokens will be sold on the OTC market. The project bought back most of the tokens available on the market so as not to increase the selling pressure.
The tokens will also be made available for trading on other crypto exchanges in the future.
So far, no public or private sale of TimeCoin has been conducted, but rather small quantities of tokens have been sold during the IEO.
The Special Token Sale serves specifically to raise funds for the development and enhancement of the project, and in particular for the eSportStars dApp, which was released in October 2020 and is expected to grow faster than anticipated. The project requires further development, as well as the implementation of DeFi and NFT functionalities in the TimeCoinProtocol, and new funds to support development and marketing costs.
For this reason, the decision has been made to launch two special, off-market token sales in order to enable the implementation of DeFi functionality in the eSportStars and TimeTicket dApps, so that fans can support creators such as eSport players, streamers, VTubers, etc.
This will allow both creators and fans to receive additional tokens, as well as in-game items, art and anime characters traded using NFTs.
Out of a total of 100,000,000 existing TMCN tokens, 10,000,000 tokens will be sold during the two special token sales.
The first one was launched on February 15th, and will run until April 30th, 2021. 5,000,000 TMCN tokens will be offered for sale at a price of 0.00004 BTC, which is more than 90% discount on the current market value.
The second one will be launched on May 1st, 2021 and will last until May 31st, 2021. It will cover another 5,000,000 TMCNs at a price of 0.00009 BTC, which is more than 80% discount on the current market value.
The total amount expected to be raised is approximately $10 million.
It will be possible to purchase in BTC, USDT or ETH via the TimeCoinProtocol.com/sale page, where it is also possible to consult the table of the token release periods.
To purchase TMCN, an investor is STRONGLY RECOMMENDED to prepare a private wallet like MetaMask. (An investor is NOT recommended to purchase TMCN using a crypto exchange account.)
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Carolyn Coley is a blockchain reporter. She joined Smartereum after graduating from UC Berkeley in 2018.