.SpaceIDProtocol's id ($ID) tokens have nearly doubled in the past week on the back of strength in the largest cryptocurrencies and chants of “altcoin season” among some crypto traders on Twitter. By shauryamalwa
” among some crypto traders on Twitter – becoming one of the best performers this month.
The token now has a market capitalization of $240 million, placing it among the top 200 cryptocurrencies by that metric.
Previous Binance Launchpad offerings have also increased by several multiples for investors – contributing to interest in the sale mechanism. Launchpad uses a lottery system for its token distribution. Once a new initial exchange offer is announced, a snapshot is taken of potential investors’ holdings of bnb tokens over a set period that varies according to the sale. BNB is the token of BNB Chain.
A December sale of Hooked Protocol’s HOOK tokens raised 9 million in BNB commitments from traders, offering its tokens at just 10 cents at the time. HOOK traded for $2.50 as of Wednesday, a 2,300% return for early participants. Space ID received over $2.85 billion worth of bnb tokens in commitments from 99,000 holders over a 48-hour period. The project was looking to raise $2.5 million in exchange for id tokens, which were offered at a rate of 0.00007412 BNB for each 1 ID. A hundred million id tokens were offered in total.
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