Initial Exchange Offerings took the world by a storm back in 2019 with their significant returns to investors. As time went by, however, Binance, in response to community requests, changed the format of the IEOs and made them much more accessible. This, in turn, decreased the returns, causing many to believe that just like their predecessors – Initial Coin Offerings (ICOs), IEOs were also going under.
The last few instances, however, demonstrated that this is not the case. Just today, Binance completed its latest Cartesi (CTSI) IEO, which brought investors serious returns of up to 550%.
Binance Launchpad just completed its latest Initial Exchange Offering (IEO). The project was called Cartesi.
The announced IEO price for a CTSI token was set at $0.015. Immediately after the token distribution was finished and Binance listed CTSI on its exchange, the price surged.
As seen in the chart above, the price went on to reach a high of $0.098 in the first green candle, showcasing a return of more than 550%. Even though the price has since decreased, CTSI is still trading at around $0.069, which is about 360% more than the public sale price. The performance against Bitcoin is more or less the same.
This definitively demonstrates that Initial Exchange Offerings are not dead. The previous one held back in February – WazirX (WRX), brought similar returns as it token price shot up 700% after the Listing.
One thing that makes an impression, however, is the particularly low number of winning tickets. In the latest IEO, only 4.82% or 7500 tickets.
For comparison, WRX saw a total of 7.31% winning tickets and the IEO before that – TROY, had 22.57% winning tickets.
It’s interesting to see where the IEO market will take us next and whether this trend will keep on spiraling. However, it appears that as the number of winning tickets decreases, the returns are growing higher.
The post IEOs Are Not Dead: Binance Latest – Cartesi (CTSI) – Skyrockets 400% During Its First Hours Of Trading appeared first on CryptoPotato.
