Binance IEO Elrond launched, BNB recovers

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Sanfam
Jun 21, 2019


Binance introduced their latest IEO - Elrond on Thursday as promised in their earlier AMA this week.

Token Sale Details:

  • Launchpad Ticket Claim Time: 2019/07/01 06:00 AM (UTC) to 2019/07/02 06:00 AM (UTC).
  • Token Name: Elrond (ERD)
  • Hard Cap: 3,250,000 USD
  • Total Token Supply: 20,000,000,000 ERD
  • Total Tokens Allocated to Binance Launchpad: 5,000,000,000 ERD (25% of Total Token Supply)
  • Public Sale Token Price: 1 ERD = 0.00065 USD (price in BNB will be determined prior to the lottery draw date)
  • Token Sale Format: Lottery
  • Max Number of Winning Lottery Tickets: 10,833
  • Allocation Per Winning Ticket: 300 USD (461,538.46 ERD)
  • Supported Sessions: BNB only
  • Elrond (ERD) will be issued on Binance Chain as a BEP2 asset.

BNB snapshot will begin on 22nd June and end on 01st July. Please refer to the announcement for more details. For more information on the project, read this.


IEOs continue to drive BNB's demand as we see a steady increase since the initial mention of an IEO by CZ in an AMA session on 18th June. This comes as a crucial time for BNB as the previous announcement of Binance geofencing U.S traders have sent BNB's price tumbling. For now, it seems that we have a relieve and price should continue up for a bit until closer to the IEO draw date.


Binance also continues to be the dominant leader with the most IEOs that are profitable. Seeing an Avg ATH ROI of 962.89% and Avg Current ROI of 527%.

Source: Cryptorank


The last IEO- Harmony, saw an ATH of 9.7x IEO price and was trading at 6.6x IEO price on June 17th.

Source: Top7ICO


Seeing how so far there's at least an average of 5x for an IEO, it's no surprise that speculators are still throwing $$$ at BNB just for that lottery ticket.

Crowd's reactions:

  • you guys think elrond ieo will do 10x?
  • Is elrond a good buy??..... US volume won't enter in
  • Where will the volume come from for elrond???....no US volume this time
  • No way i am pumping 1800$ into your overvaluated shitcoin just to be able to maybe win a 300$ entry in elrond ieo

Something worth mentioning is how proactive Binance is working on the demand end to make up for the U.S gefencing. For example, in an almost unheard of move, other exchanges like Kucoin, Gate.io and BitMax have listed BNB and are now accounting for

$17.6 million of $BNB trading volume. Which is almost 7.5% of the BNB volume on Binance according to Twitter user Gautam Chhugani‏.


CZ is a man with a plan but can it be enough to save BNB from the falling?


In the recent AMA, CZ commented on the BNB unlock in July and team's stash:

To the extent possible, we don't want to change the white paper. But what we did is, even the team portion [of BNB] was unlocked already. They sit on a few different addresses and that's listed on a few of the biggest addresses, and not much has been done with them. So today I can say that the Binance team have not sold any of the team portions of the BNB, and we’re already two years into the four-year period, so 3/5 of the BNB tokens are for the team portion will be unlocked come this July. But right now, none of that has ever been sold on the market. Our team and I, to be honest, don't see a need for us to sell any BNB. I think we should just hold them.


This all comes in a time where BTC is looking to break $10,000 USD and alts are being sold off into BTC. Will be interesting to see how the Elrond IEO and BNB will fare during this period.

BNBELROND
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Sanfam
Jun 21, 2019

Thanks for reading!

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