IO.net, a Solana-based DePIN platform, saw a significant price decline following its recent launch as the 55th Binance Launchpool project.
The IO price fell around 22% following its market launch, trading as low as $3.49 dropping from $4.54, as per the data of CoinMarketCap. The initial euphoria around the introduction was immediately replaced by a dramatic decrease in value, indicating investor fears and market volatility.
The token’s market cap has also decreased and reached $328 billion substantially, highlighting the broader impact of the price drop on investor sentiment and overall market perception. This decline indicates that the anticipated positive momentum from the Binance listing did not materialize as planned.
Ahmad Shadid resigned as CEO ahead of the IO token’s launch on the world’s largest cryptocurrency exchange by volume. In his place, the initiative named Tory Green, a co-founder and previous COO.
Investors are advised to conduct their own research before making any decisions, as the crypto market remains highly unpredictable and influenced by a range of factors.
Also Read: Solana Backed AI DePIN io.net Launches Its IO Summit Keynote
