Binance IEO Friday Night Party: MATIC, FET & CELR Record Gains of Over 30%

The eve of May 16 saw crypto’s most significant asset plummet more than $1,000 on several exchanges, with various altcoins also recording severe losses.

Several former Binance initial exchange offering (IEO) assets, however, saw sharp upticks in USD valuation following Bitcoin’s price correction. A day after Bitcoin’s dive sees MATIC, CELR and FET strongly in the green, contrasting most of the market.

Total ROI since the IEO:

• 
  1,251%

  Band Protocol

• 
  -72%

  Perlin

• 
  55%

  Harmony

• 
  576%

  MATIC Network (Polygon)

Matic Network

Matic Network (MATIC), a hot topic on Twitter lately, nearly tripled in value this week against USD. The asset surged from about $0.005 (half a penny) to highs of about $0.014 on May 17, according to CoinMarketCap.

MATIC only dropped down to about $0.0097 on May 16 before rallying to new heights after. At the time of this writing, the token sits at about $0.0141, showing an increase of more than 37% for the past 24 hours.

Fetch AI

Fetch AI (FET) also is up considerably in terms of 24-hour gains against USD after the Bitcoin carnage. As of press time, FET has gained more than 24% over the last 24 hours. The asset hit a local low of around $0.117 on May 16, before flying up to about $0.177, its May 17 high as of press time.

Celer Network

Celer Network (CELR) also has seen a notable uptick since yesterday, as the asset shows a 17% 24-hour gain. The token dropped down to $0.0099 on May 16 and then rallied up to $0.0137 by press time on May 17.

Most other top market cap altcoins sit in the red, losing value overall against USD over the past day or so. MATIC, CELR and FET are the three most recent IEOs to have graced the Binance launchpad platform. All three assets show trading activity on the Binance exchange, according to CoinMarketCap.

As of writing this, the reason for the IEOs rise remain unknown. However, it will be interesting to see if the first IEO of 2019, BitTorrent, will join the Friday night party as well.

Name	Status	Date
Sandbox	finished	13/08/20
Cartesi	finished	21/04/20
WazirX	finished	03/02/20
MATIC Network (Polygon)	finished	24/04/19
Celer Network	finished	19/03/19
Kava	finished	23/10/19
Band Protocol	finished	16/09/19