In summary:
Initial Exchange Offerings (IEO) have become a more common and secure way for retail investors to participate in crowdfunding events. The process of crypto exchanges hosting a token sale was initially popularized by Binance. However, and with time, other exchanges such as Poloniex, have added IEOs as a service to their users. Poloniex recently launched its Launch Base platform with the first IEO being the Tron (TRX) based DeFi project of Just (JST).
As with all prominent IEOs, Just (JST) sold out in under 5 minutes. According to Poloniex, the token sale sold out in 4 minutes and 26 seconds.
IEOs possess a huge potential for returns and it is no surprise that Just (JST) has broken records by trading at 20x the token sale price of $0.00202 on the MXC exchange. As soon as the token was listed on the MXC Exchange earlier today (14:00 UTC), it peaked at an All-time-high of $0.04.
The team at Just (JST) was in a celebratory mood as can be seen in the screenshot below.
Justin Sun also expressed his delight at the achievement via the following tweet.
Further checking the performance of the token on the Poloniex exchange, we find that it also peaked upon listing at a value of $0.011918. This value is a cool 5.9x the IEO price of Just (JST). At the time of writing this, the token is trading at a stable range of around $0.009.
(Feature image courtesy Unsplash.)