2017 was famously called the year of ICOs. It was also the year of the massive bull run which catapulted Bitcoin’s price to its all-time high. 2019 has indicated the start of another major bull run and currently, IEOs are being dubbed the new ICOs.
CZ’s Binance, which has been one of most active exchange in 2019 in terms of development and growth, recently announced the token sale of Elrond [ERD] on 2nd July 2019. Now, according to recent reports, the IEO-based token has recorded a whopping 50x gain after the Binance decentralized exchange listing.
It was reported that the listing price of the token peaked at 50x on the exchange, making it one of top performing tokens on the Binance DEX launchpad. Before the launch, Elrond had also organized a massive 77 million airdrop on the decentralized exchange.
Over the last few months, Binance has built a reputation of having the consistent ability to pump projects with are initiated with their IEOs. Before Elrond, Harmony.One was launched on the Binance DEX and enjoyed massive early success.
At press time, Binance DEX also reported that the Elrond network had started its first ERD/BNB trading airdrop. Around 1,500 qualified addresses received $73 each. A sum of 15,400,000 ERD tokens and 400 BNB coins were airdropped in the network, while 61,600,000 ERD and 1,600 BNB worth around $435,000 were left.
The success enjoyed by these IEOs on Binance DEX has led to speculation that Binance’s IEO impact was much stronger than other exchanges. Previous IEOs such as BitTorrent Token, Fetch.AI, and Matic have also significantly improved their listing price after they were listed on the exchange. This surge in valuation now has a name: Binance Effect.