Space ID (ID) Continues to "Peak" One Month After Binance Launchpad Sale
The token price of SPACE ID—a project providing Web3 domain registration, trading, and management services—has nearly doubled over the past week.
SPACE ID has experienced impressive growth this week, largely due to the positive trends in major cryptocurrencies and the onset of "altcoin season."
ID has consistently posted green candles recently. The latest peak for this token was $1.05, a 42x increase from its IEO price. Currently, ID is trading around $0.95, reflecting a 6% gain over the past 24 hours.
1-hour chart of the ID/USDT pair on Binance as of 09:50 AM on April 18, 2023
With a market capitalization reaching $270 million, SPACE ID is now among the top 200 cryptocurrencies by market cap. In the past 24 hours, the trading volume of ID has hit $734 million, with notable exchanges including Binance and Gate.io.
The price action of SPACE ID has reinforced Binance Launchpad’s reputation as a valuable platform for investors interested in new project token allocations. SPACE ID enables users to exchange, register, and manage cryptocurrency domains. As reported by Coin68, Binance announced its support for SPACE ID last month, giving BNB holders the opportunity to purchase ID tokens.
At that time, around 104,000 Binance users locked up 8.6 billion BNB to participate in the SPACE ID launchpad, oversubscribing by a factor of 1,170. This number was 3.4 times the project's hard cap. However, not all the locked funds were converted into ID tokens; each 0.00007412 BNB corresponded to 1 ID token. A total of 100 million ID tokens were allocated through the Binance Launchpad.
In practice, Binance Launchpad offers significant investment opportunities due to its unique mechanism. The ID token sale followed a subscription format, meaning the number of tokens users received depended on the amount of BNB they held during the specified period. This process promotes listed projects and provides Binance's large community with access to token sales at preferential prices.
For instance, Hooked Protocol (HOOK)—the 29th project launched by Binance—raised 10 million BNB in September 2022 for its token sale at just $0.1 per token. The current price of HOOK has yielded a 2,300% return for IEO investors.
