Binance IEO Coins Surge Despite Bitcoin (BTC) Pullback

Marco Verch / Flickr

Binance’s initial exchange offering (IEO) platform, the Binance Launchpad, continues to impress as multiple coins launched off the platform have outperformed the broader crypto market during the latest pullback.

To date, the following token sales have been conducted on the Launchpad platform:

Over the last 24 hours, while Bitcoin (BTC) has been reeling from a multi-day sell-off, Binance IEO coins have seen double-digit gains — with the exception of Bread, Gifto, and BitTorrent, which are fairly uncorrelated with the rest of the list.

The bullish action steams from a major run by the most recent listing, Harmony, which saw the price of the coin jump from $0.02 to nearly $0.03 overnight. As traders took profits from the surge, other IEO coins started to see increased buying action.

As a result, Matic, Celer and Fetch.AI are now up 16.8%, 12.7% and 10.6%, respectively. Seeing that these coins like to “run,” meaning trends are often multi-day, there could be more gains ahead to close out the week.

Similar: Binance IEO Coins See Massive Surge in Investor Interest
Recent: Binance Now Allows Investors to Purchase BNB With Credit Card
Image: Marco Verch / Flickr

Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.

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