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Binance Launchpad Kills Price of Celer Network (CELR) Token After the Sale – 80% Down

  • Alex Dovbnya
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    The most recent token sale that took place on Binance Launchpad was the Celer Network project, the token price dropped massively once the sale completed. However, BNB rose on an announcement of changing the ICO format.


Binance Launchpad Kills Price of Celer Network (CELR) Token After the Sale – 80% Down
Contents

Celer Network (CELR) token sale occurred on Binance Launchpad on Mar. 21. As usual, the whole process took less than 20 minutes – the same as it was with BitTorrent, Bread and Fetch.AI projects.

Celer Network

However, after the sale finished, the price of the token in BNB (the currency for which CELR was bought) dropped tremendously, leaving investors with their jaws dropped and the Celer team kind of nervous.

The ‘successful’ token sale turns into a waste of money

The Celer Network collected $4 mln after selling its tokens to investors and it happened in a record of less than 18 minutes. However, despite the initial selling price being 0.00434 BNB, after the sale was over those who managed to grab CELR saw that the price of what they had just given money away for collapsed to 0.001330 BNB.

After this happened, on social media some members of the crypto community began to express their strong doubts as to whether Binance Launchpad is a good enough platform for conducting such token sales.

People also express their sympathy to the Celer Network, since it is not the best feeling when the price of your company’s tokens collapses straight after investors have shown their trust and actually paid. What is more, they were queuing up to do that and only a small part managed to get hold of these CELR tokens.

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Is Binance just mocking investors?

In this respect, the situation was similar to that of BitTorrent sale, when the majority of those who wanted to buy in, faced numerous glitches on the platform. Curiously, Binance fails to do something about them by the time next token sale is arranged.

Binance CEO Changpeng Zhao is good at making apologies and explaining what happened but that does not change the situation: it seems, every ICO on Binance Launchpad becomes a token sale for just a few. All the rest of would-be investors can do is complain in Twitter afterwards.

BNB quotes surge

Still, the one who won for sure after the CELR ICO was Binance. The exchange has decided to launch the next token sale as a lottery, rather than conducting it again in a ‘first-come-first-served’ format.

BNB

Over this announcement made on Sunday, the BNB price spiked more than 17 percent.

CELR market stance

At press time, CELR is the holder of spot #1792 on CMC, trading at $0,0247 per coin.

CELR

 

No historical data about the coin due to the fact that CELR has just been added to Coinmarketcap.

CELR

Cover image via u.today
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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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