Bittrex STPT Initial Exchange Offering Moves Fast; Raises $750K Before Listing
The token sale ended in just eight seconds, raising $750,000’s equivalent, but trading brought the market price down immediately.
Bittrex, one of the more active platforms for token sales, opened trading for Standard Tokenization Protocol (STPT), following the token sale event this June 11.
Bittrex is the host of a handful of initial exchange offering (IEO) projects. But following a trend to eschew the scrutiny of the US Securities and Exchange Commission, the exchange decided to restrict some of the listed assets for US traders, and performs IEOs only for international buyers.
The STPT IEO was relatively small in scale, and followed a familiar pattern, peaking after the listing and then crashing more than 22% from the peak. Immediate listing data from CoinGecko shows that after a peak in trading and price action, STPT slowed down and wiped out some of its price, coming down to $0.03.
Ocean Protocol (OCEAN) also lost nearly 50% of its value shortly after listing, but went on to recover for a relatively flat performance. OCEAN currently trades around the levels it was listed at ($0.03) though losing 25% in Satoshi prices.
VeriBlock (VBK), one of the early Bittrex IEOs, has underperformed as well. The asset peaked at above 10 cents and 2,000 Satoshi, only to crash slowly toward $0.03 and the 400 Satoshi range. The VeriBlock IEO also took just 10 seconds to complete, as Bittrex does not use a lottery and maybe attracting users bidding on a first-come-first-serve basis.
VodiX (VODI), another Bittrex IEO, lost more than 50% since the initial hype, moving down from $0.02 to $0.009.
IEOs on Bittrex have been rather shaky given how the US-based exchange has seen both market share and volumes dwindle, displaced by more liquid Asian exchanges. Earlier, Bittrex received another blow, after being denied the New York state BitLicense, for weak customer screening (KYC) procedures. This is one of the reasons Bittrex International has attempted to gain speed, relying on international traders to supply volumes.