It appears that the IEO season is coming back as the newest project that saw its listing on the Binance Launchpad charted massive gains of about 1800% upon being launched.
Binance IEO SafePal (SFP) Goes Parabolic
SafePal (SFP) saw its listing price at $0.10 and skyrocketed up to $1.9 in the first moments after its listing. While it can be argued that it’s impossible to get the orders filled at that high point, the price is currently trading at around $1.3, which is still 1200% more than its listing price.
It’s worth noting that the latest IEO had a completely different launching mechanism compared to the previous ones,, which were handled through the Launchpool.
In order to participate in this one, users had to commit their BNB, and the total amount of SFP tokens that they would receive was calculated based on the average number of their BNB held through a certain period.
In any case, the results are evident as it’s one of the most successful IEOs ever to be held on the platform in terms of initial returns.
The IDO Craze Catches Up
It appears that the market euphoria is catching up in every aspect. What became popular a few months back as an Initial DEX Offering (IDO) is currently one of the biggest trends in the DeFi space, and the hype around it might just as well transition to the Binance Launchpad.
IDOs are particularly popular right now, and they are predominantly held on the Polkastarter platform where users share in a pool of tokens that, after distribution, get listed on Uniswap by the team behind the project. Most of the project see astronomical gains, with one of the most recent ones being Option Room – a protocol, the token of which surged by a whopping 100x in a matter of minutes after its Uniswap listing.