Fetch AI ICO Repeats BitTorrent’s Post-ICO Price Jump
- Binance’s Launchpad service has been showing a pattern, that’s remarkably similar to the 2017 Ethereum-based ICO craze.
- A second ICO in a row on the exchange has managed to successfully multiply investors’ money – after reaching its hard cap in minutes.
Binance’s Launchpad service has been showing a pattern, that’s remarkably similar to the 2017 Ethereum-based ICO craze.
A second ICO in a row on the exchange has managed to successfully multiply investors’ money – after reaching its hard cap in minutes.
Driven by a guaranteed listing on the most popular exchange – at least if you exclude the fake volume on its competitors – investors feel reassured about the price stability of the newly-launched tokens and coins.
This win-win situation for both ICO participants and ICO-funded startups is expected to continue driving new ICO-s to the service. And while none have been announced just yet, the anticipation alone was enough to drive the price of Binance coin (BNB) up almost 20% after the Fetch AI sale had concluded.
Many will remember that the hard-to-participate-in Basic Attention Token ICO in early 2017 was a similar driver to ETH and ICO.
It took less than an hour for the BAT token to start trading at the now defunct Liqui exchange for four times the ICO price.
Hopes of a repeat success ensured that the next ICOs on the calendar also hit their hard caps quickly – Status and Bancor being obvious examples.
If history is to repeat itself, Binance Token is up for a major price pump in the following months, and until the hype subsides, ICOs on the Binance Launchpad platform could become easy moneymakers for people who haven’t even done basic research on them.
Of course, the 2017 hype machine left many late investors with empty pockets, so it’s unlikely that the hype would remain for a full year now that the market has matured. But the sheer number of similarities between the situation now and the hype back then has ignited market optimism within the community and it looks like ICOs are here to stay.
- The popular crypto exchange has decided to sell its business in Russia to CommEX, a crypto exchange business that was officially launched on Tuesday.
- Binance noted that it will fully exit the Russian market, and have no ongoing revenue split or any option to buy back shares in the business.
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- The company said it will be suspending its crypto-backed debit card service in the Middle East on 25 August, and in Latin America by 21 September.
- Although no reason was given for the decision, the company noted that “less than 1% of users” in those regions will be affected by the change.
- A spokesperson said the change was due to the “changing market and user needs”, and that Binance will now be refocusing its resources on its main products and long-term goals.
- Launched in March 2022, Binance Connect helped crypto businesses connect with the traditional finance system, and supported 50 cryptocurrencies and networks such as Visa and Mastercard.