Binance Coin jumps above $30.00 on IEO announcement
- Binance will host the 8th IEO on its Launchpad platform.
- The system will start taking snapshots of BNB balances on August 9.
Binance Coin is one of the best-performing digital assets out of top-20. BNB/USD has gained over 7% on a day-on-day basis to trade above $30.00 at the time of writing. Binance Coin takes the 6th place in the global cryptocurrency rating with the current market value of $4.6 billion. The altcoin hit the all-time high in the end of June at $39.00. Since that time the coin has lost over 25% of its value.
What’s going on
New IEO (Initial Exchange Offering) announced by Binance may be behind the token’s stellar performance. The cryptocurrency exchange will host Perlin Network IEO on its Launchpad platform in August. The system will start making snapshots of users BNB balances on August 9 as the Perlin token sale will include a lottery & airdrop formats.
Notably, Binance made some changes to the lottery rules
"Binance will record user BNB balances for 15 days from 2019/08/09 00:00 AM (UTC) to 2019/08/24 00:00 AM (UTC). The final BNB holding amount for each user will be determined as the average of the 15 days but using the Daily Average BNB Balance calculation previously announced.”
The Singapore-based startup Perlin Network aims to sell 86,530,500 tokens worth of $6.7 million. Users with over 500 BNB will get 10 lottery tickets to participate in a lottery. The winning tickets may be used to get new tokens worth of $500. The winners of the lottery will be announced on August 24. Those who are not lucky will be able to participate in airdrop.
Author
Tanya Abrosimova
Independent Analyst
