Exchanges Binance

Harmony Token (ONE) Surges by 800% Over 24-Hour Period Due to Binance IEO

  • Within just 4 hours of its launch, Binance’s new DEX platform witnessed more trade activity than what IDEX saw over a 24-hour period.
  • Harmony’s market capitalization since yesterday afternoon has exceeded that of Binance’s BNB token.

Harmony (ONE) — an altcoin that is part of Binance’s latest IEO offering— has seen its value surge by a whopping 800% since yesterday afternoon, thereby increasing the currency’s total market cap to around the $600 million mark.

At this point, it should also be highlighted that this digital asset is the first crypto offering to debut simultaneously on Binance’s regular native trading platform as well as its newly-launched decentralized exchange— Binance DEX.

In regards to this development, we should also mention that over the course of the past few weeks, Binance’s executive brass has been able to generate considerable buzz around the ONE token — primarily by promoting a new free giveaway campaign in relation to the coin.

More on the Matter

Harmony was a little known project before its partnership with Binance, however, since its launch, the token has been on a financial tear.

On the subject, a popular crypto analyst was quoted as saying:

“It’s up by 800%+ from (the) IEO. Wouldn’t recommend chasing this. I’ve been eyeing this for a while. This has very huge hype. But not gonna buy at this price. Will wait for dips in the coming weeks. If it moons hard, I don’t mind missing this. Plenty of other choices.”

  • Binance’s DEX platform witnessed more trade activity within a 4 hour time period than what IDEX — one of its closest rivals — saw in more than a day.
  • Since the beginning of May, Binance has been experiencing a pullback of sorts because of its recent $41 million hacking scandal.
  • Over the course of the past 2 weeks or so, Binance’s native token offering (the BNB Coin) has been experiencing a massive monetary surge — with the premier altcoin reaching a price point of $35 for the first time recently.
  • According to a research piece released by Binance a few days ago, the firm has revealed that the crypto market is currently experiencing a “changing trend” that is helping the global investor community view assets like BTC, BCH in a positive light once again.

Final Take

In closing out this piece, we need to point out that since the start of the year, more and more institutional investors have continued to enter this nascent market space. It now remains to be seen how the future of this industry plays out from here on end.

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