As an analyst with extensive experience in the crypto market, I’ve seen countless projects launch and face various challenges. In the case of io.net (IO), the recent launch on major crypto exchanges was met with volatility, resulting in a sharp drop in price.
IO.net (IO), a newly launched Solana-based Decentralized Finance (DeFi) platform that was introduced as the 55th project in Binance Launchpool, became available for trading on major cryptocurrency exchanges on Tuesday.
IO price dropped 20% after its market debut, trading to lows of $3.40.
Io.net token launches on Binance
Io.net is a decentralized physical infrastructure network (DePIN) project built on the Solana blockchain, providing “Compute-as-a-Service” using artificial intelligence (AI) through its native token, IO. By holding and utilizing this token, users gain access to an extensive pool of computing resources.
The protocol accomplishes this by bringing together GPUs from various storage providers, allowing GPU power suppliers to profit from the arrangement. Following its launch on Binance at 12:00 UTC on June 11, the io.net platform is now adopting IO Coin as its payment method.
As the token launched on the Binance crypto exchange, volatility saw it fall sharply.
The price of the native token for the decentralized AI and cloud platform on CoinMarketCap dropped approximately 19%, going from $4.54 to $3.40. However, it subsequently rebounded to about $4.01 as of now.
As a crypto investor, I’ve noticed that the IO token experienced a dip in price by approximately 10%, according to CoinMarketCap’s data. The trading volume for this token during the day reached $192 million. Furthermore, its market capitalization was estimated at around $378 million.
io.net’s CEO exit
As a researcher studying the cryptocurrency market, I’ve come across an intriguing development regarding IO token. Just before its anticipated launch on the busiest crypto exchange globally, the CEO of the project, Ahmad Shadid, announced his resignation. In his stead, Tory Green, a co-founder and former COO, has taken over the helm.
Shadid stepped down from his position as CEO following rumors about his past. He chose not to comment on these accusations, but stated that his leaving would enable the IO team to concentrate more effectively on advancing the project further.
“Despite past accusations against me, I believe it’s best for io.net to progress undisturbed. That’s why I’ve decided to step down as CEO and devote my energy solely to the company’s growth and prosperity.” (June 9, X post)
As a crypto investor, I’d like to assure you that I share the same token allocation as my team members, and it’s all locked up for a period of four years. This means that I can’t sell or transfer my tokens until June 2025 at the earliest. The unlocking process follows a monthly schedule, starting from that year.
Shadid committed to giving away 1 million IO tokens from his own supply to io.net’s Internet of GPUs Foundation as a donation.
Read More
- BODEN PREDICTION. BODEN cryptocurrency
- GHST PREDICTION. GHST cryptocurrency
- BETA PREDICTION. BETA cryptocurrency
- STRD PREDICTION. STRD cryptocurrency
- Mango Markets Exploiter Found Guilty Of Fraud And Manipulation
- GBP EUR PREDICTION
- MATIC PREDICTION. MATIC cryptocurrency
- LOOKS PREDICTION. LOOKS cryptocurrency
- BRN/USD
- TNSR PREDICTION. TNSR cryptocurrency
2024-06-11 16:18