![\"laser](\"https:\/\/www.cryptocabaret.com\/wp-content\/uploads\/2022\/05\/laserbay.jpg\")
The cryptocurrency landscape has been hit hard this week. <\/p>\nThe cryptocurrency landscape has been hit hard this week. <\/p>\n
Bitcoin is down more than 50% from its high a few months earlier and even some \u2018stablecoins\u2019 have started to disintegrate. <\/p>\n
This type of volatility is not unexpected and the early adopters have already lived through a few of these crashes. This includes The Pirate Bay.<\/p>\n
The notorious torrent site is somewhat of a crypto pioneer. In 2013, it was one of the first to add support for Bitcoin donations<\/a>, with Litecoin and Monero following shortly after. Later on, TPB also popularized website-based mining<\/a>, something that not all users were in favor of. <\/p>\n Last year The Pirate Bay added another crypto project to its list with the launch of PirateToken (TPB)<\/a>. Initially, we assumed that this was some type of advertising deal for a third party, but the site swiftly reassured the public it was serious. <\/p>\n \u201cIt\u2019s a soft launch to a new thing we want to try and we have many ideas,\u201d the TPB team wrote, noting that the token might be useful to donate to moderators and uploaders, or to purchase VIP content. <\/p>\n \u201cMuch Ideas. Much Wow. So Great,\u201d they added, hoping that the site\u2019s users would hop on the bandwagon. <\/p>\n<\/p>\n This week, exactly a year has passed since the Pirate Token went live and, thus far, the project hasn\u2019t been particularly successful. At the time of writing the token trades for little over $1<\/a>, far off the $15 high that was reached soon after it went public. <\/p>\n Needless to say, the recent crypto crash hasn\u2019t helped but the price had already begun to tumble while Bitcoin was making new highs, so that\u2019s not exactly an excuse. <\/p>\n The price isn\u2019t really the biggest concern either. From what we can see, there is simply very little interest in the project. In fact, the number of people owning some TPB tokens is dropping. There are currently just 478 holders left<\/a>, which is a tiny fraction of the site\u2019s userbase.<\/p>\n These holders aren\u2019t very active either. Over the past 30 days, there have only been five transactions.<\/p>\n Another bad sign is the fact that 99.98% of the 100,000,000 tokens are still held by the creator of the project. So while the theoretical market cap is over $100 million, the public only owns roughly $20,000 worth of TPB.<\/p>\n None of this should come as a surprise really. The token has no utility at the moment and The Pirate Bay isn\u2019t promoting it in any way either. Yes, there is a dedicated link to the \u201ctoken\u201d page on the site, but that\u2019s currently redirecting to the homepage. <\/p>\n Perhaps all of this will change when the TPB team spurs into action, but holders shouldn\u2019t get their hopes up. Right now, it\u2019s certainly not the digital pirate treasure they\u2019d hoped for but the same can also be said for other niche tokens, including BitTorrent<\/a>.<\/p>\n From: TF<\/a>, for the latest news on copyright battles, piracy and more.<\/p>\nThe PirateToken<\/h2>\n
![\"token\"](\"https:\/\/www.cryptocabaret.com\/wp-content\/uploads\/2022\/05\/tokens-tpb-1y.jpg\")
<\/center><\/p>\n478 Holders, 5 Transactions<\/h2>\n