Game arcades at Charles de Gaulle airport in France, Paris, photographed on April 21, 2017. Shutterstock
Atari’s ATRI ERC20 token has sold out on the Bitcoin.com exchange. Priced at $0.25 a piece, with an initial market cap of $17,200,000, the token has just launched on exchange.bitcoin.com minutes ago.
Unlike other IEO platforms where tokens get sold out in seconds, ATARI’s IEO lasted more than 24 hours before eventually selling out.
Still, at the end of the day, the battle between the brand authority and questionable tokenomics was won by Atari’s stellar reputation as a trustworthy company. The fact that only around 0.5% of all tokens were sold (around 5% of the initial tokens in circulation) did not dissuade buyers – and neither did the fact that the fully diluted market cap of almost $200,000,000 is worth almost twice as much as the popular video game holding company itself.
The major partnerships that Atari has landed also helped increase confidence in the project. Their first tweet after the successful crowdfunding campaign also referenced one integration for the token.
The IEO was also a major success for Bitcoin.com, as this was the first initial exchange offering on their platform. Not only did the project sell out, but the user experience throughout was smooth, with no downtime or other hiccups (which IEOs were at one point notorious for).
The token is now officially listed on the Bitcoin.com exchange and can be traded with BTC, ETH, USDT and BCH pairs. Unfortunately for swing traders, the initial price after the listing is revolving around the IEO price for the token. However, for people who didn’t want to pass KYC in order to participate in the IEO, but still have faith in the project, this is a piece of positive news.