Binance, one of the largest cryptocurrency exchanges in the world, has announced the token sale of yet another token, Elrond [ERD], at 06:00 UTC on July 2, 2019. Elrond is among a list of other tokens like Harmony One, BitTorrent Token, Fetch.AI, and Matic to get listed on Binance’s IEO launchpad.
According to the announcement, the token sale lasting 2 hours will allow eligible users to purchase the tokens at $0.00065 or 0.00001984 BNB per ERD token. The Binance launchpad sale will have an allocation of 25% of the total supply of ERD, which is 20 billion.
The private sale for the token took place between April and May 2019, during which 3,800,000,000 ERD tokens were sold at 0.00065 USD per token to raise $1.9 million. The overall distribution of the token is as seen in the chart below,
Every token to have been listed on Binance IEO has fared well. These tokens’ prices have surged due to increasing demand, hitting new all-time highs soon after getting listed on the exchange. The observed pump is called the “Binance Effect.”
The prices of previously listed tokens on the exchange have recorded dramatic rises, as shown in the table below. The token which recorded the highest rise was MATIC, pumping by a massive 1161% and reaching its peak point.
Binance’s IEO method has been picked up other exchanges. However, Binance’s IEO effect is stronger than other exchanges. The ERD token will also face the same effect and pump by a minimum of 200%, or even higher.
Additionally, Binance exchange also announced a community listing program, BEP2, where Binance will list one coin each month for over 3 months.