Binance IEO Coins Surge Despite Bitcoin (BTC) Pullback
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:
- Gifto (GTO)
- Bread (BRD)
- BitTorrent (BTT)
- Fetch. AI (FET)
- Celer Network (CELR)
- Matic Network (MATIC)
- Harmony (ONE)
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.
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.