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Binance IEO’s ‘best performing’ projects descend by more than 50% after hitting peak

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Binance IEO's 'best performing' projects descend by more than 50% after hitting peak
Source: Unsplash

Binance recreated the ICO frenzy when they launched IEOs [Initial Exchange Offerings]; a lot of projects got listed on their exchange. With IEOs, Binance has further secured its position as one of the top exchanges in the world.

The talk about these projects reached a peak when the price of the listed projects surged by massive amounts, which led to a lot of profits for the firm.

According to data released by Ceteris Paribus, Binance registered a whopping 501 percent return from their token sales. Most of their token sales have been successful, with MATIC, BTT, and Fetch AI [FET] offering 870 percent, 869 percent, and 128 percent return, respectively.

Source: Twitter

Similarly, the current Return on Investment [ROI] for the tokens were 13.8x [BTT], 11.0x [MATIC], 3.3x [CELR], and 3.2x [FET].

However, at press time, three particular projects, MATIC, CELR, and FET had dropped by more than 50%. Matic was undoubtedly the hot topic in terms of token sales via IEOs, with many notable crypto-influencers stating that any correction would not thwart Binance’s long-term ambitions for the token. FET/BTC dropped the highest as it fell by 56.46%, MATIC/BTC dropped by 55%, and CELR/BTC dipped by 52.42%.

Source: TradingView

Matic, at press time, was ranked 106th in terms of market cap, while Cellar was lower, at 137. FET ranked the lowest among the above-mentioned, i.e., 283.

The IEO frenzy caused Binance Coin to also hit peaks as it recently smashed the previous highs to reach $35; the market cap was at $4.9 billion.





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Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time writer at AMBCrypto and a part-time novice trader.

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