Binance completed its latest Initial Exchange Offering (IEO) recently, and it brought faith back to those who invest. Even though there have been talks that IEOs are virtually dead because of the low returns that the last few of them brought, WazirX’s sale seems to have turned things around once again.
WazirX Soars Over 600% From IEO Price
The sale saw 100,000,000 WRX tokens distributed to the lucky winners, each one of which cost them $0.018. At the time of this writing, WRX is trading at about $0.13, which is about 550% more than its sale price. However, the token peaked at $0.144, which is an increase of exactly 700% against the USD.
Given that the past few IEOs on the Binance Launchpad were more or less a disappointment for those who invested in them, this comes as good news.
The community had started commenting that IEOs, much like initial coin offerings (ICOs), back in 2018, had been fading away. Whether it’s a result of the latest bullish sentiment within the entire cryptocurrency market or it’s just the “Binance Effect,” as these staggering returns were referred to in the past, the fact is that WazirX brings a lot of faith back to the IEO marketplace.
It’s also worth noting that the number of winning tickets this time was considerably less than the previous IEOs. During the WazirX IEO, 10,000 people won, while during TROY’s, for example, this number stood at 20,000. This could also be part of the reasons why the token surged so considerably.
WazirX: A New Cryptocurrency Exchange
WazirX introduces a new cryptocurrency exchange that claims to have an advanced trading interface, as well as features that allow seamless trade of digital assets.
The WRX token is based on Binance’s decentralized exchange, Binance Chain. The Launchpad IEO saw 10% of the total token supply sold, capping it at 1 million tokens.
According to the official introduction page, the exchange already has a live open order book which will allow its users to buy and sell more than 80 different cryptocurrencies, including Bitcoin, BNB, Bitcoin Cash, Dash, Litecoin, and so forth.