The significant price increase in Coin98 has sparked rallies in tokens that have also been featured on Binance Launchpad or Launchpool.
Several coins that have been featured on Binance’s Launchpad and Launchpool platforms have recently seen significant gains. Coin98 appears to have sparked the trend, rising from $3.20 to a high of $6.32 in less than 28 hours. While Coin98 is currently experiencing a price correction, other coins from Binance Launchpad and Launchpool are now rising, possibly due to traders anticipating a repetition of what we saw with Coin98.
The most dramatic increases have been made by Automata Network’s ATA token, which has increased by 138 percent in the last day. It is now trading at an all-time high (the token’s price was higher immediately after it was launched on Binance and was in the early phases of price discovery).
The Sandbox has increased by 30% in the last 24 hours, and the token is currently on the verge of reaching a three-month high. Alien Worlds Trillium is up 24.5 percent since it was featured on Binance Launchpool in April. TokoCrypto and My Neighbor Alice have increased by 31% and 15%, respectively.
Binance Launchpad is a token sale platform that is solely available to Binance Coin (BNB) holders. The platform was the driving force behind the IEO (initial exchange offering) movement, in which blockchain companies collaborate with exchanges to conduct token sales. IEOs nearly fully superseded ICOs, but the IEO model is now losing favor as more companies seek to raise funding through initial DEX offers and various on-chain token launch techniques.
Regardless, Binance Launchpad token sales continue to experience high demand, and the tokens perform well once they are accessible for trade – only two of the 25 tokens that have launched on Binance are trading below their token sale price.
Binance Launchpool, on the other hand, is a platform where users may earn tokens just by staking them for a short period of time. Tokens are typically issued as a reward for staking BNB, BUSD, and, on rare occasions, other cryptocurrencies.
These rallies are especially noteworthy given the cryptocurrency market’s overall quietness – the whole cryptocurrency market cap is down 1% on the day, with Bitcoin and Ethereum also reporting small losses.