The IOSToken (IOST) digital asset may go through a boom phase, with unknown outcome in the end. In the coming days, the Binance exchange is opening up a trading competition - a promotional technique which has lifted the prices for other assets in the past.
The news immediately caused a short-term spike in the asset’s price. IOST grew by more than 25% overnight, to $0.0315. Being a low-priced asset on an active exchange can easily see the price at least double. In the past week, IOST moved up both in dollar terms and BTC prices, starting at $0.02.
Embed table:
An Early Adopter Opportunity
IOSToken may be an early adopter opportunity for the longer run. However, right now, the asset is in the price discovery stage, which is rather typical of ICOs that started trading recently. Projects like Bluzelle and Ontology are seeing similar patterns, and have benefited from the Binance listing and promotion.
But IOST has a relatively low price, and despite the high supply of 8.4 billion tokens, may easily see appreciation in the long run, especially if the product is released on time and gains influence.
At this stage, most token projects are betting on future results, and it is unknown which one of the projects would manage to become indispensable to the crypto ecosystem.
But buyers on the open market must be aware that the IOSToken performed private placements of its digital assets, hence the project may have “whales” on the sidelines holding the tokens. The Binance competition would only be a small slice of the total token supply.
Also, the Internet of Services solutions, complete with third-party distributed apps, data storage and a voting system, are to be built in the future. The next week may see IOST rather volatile, based on the Binance competition activity.
This article appeared first on Cryptovest
