Huobi Prime’s First Token Sale Nets $3.4 Million In 19 Seconds for TOP Network
Huobi Prime,a coin launch platform of the veteran crypto exchange Huobi Global, has successfully completed its first “ selective token sale” of TOP Network (TOP) on March 26. The fundraising event nets $ 3.4 million dollars with the sale of 1.5 billion TOP tokens in 19 seconds, while leaving the majority of participants empty-handed.
As the initial exchange offerings(IEO), an alternative way to raise funds for crypto projects, are fast gaining popularity, Huobi launched its version of Binance Launchpad in early March to allow ordinary retail investors to purchase newly-launched tokens with the Huobi Token (HT). The first digital asset to be launched via Huobi Prime is TOP Network, a Silicon Valley-based distributed messaging and communications services platform.
The token sale of TOP ignited the enthusiasm of crypto investors again with each of the event’s three price limit rounds concluding in less than a few seconds. The event planed to sell a total of 1,500,000,000 TOP tokens, which accounts for 7.5 percent of the total token supply of the project.
The first round of 300 million TOP tokens which took place at 9:00 PM,March 26( GMT+8) were sold out in just 7 seconds, with the highest tradable price capped at $0.00177, the second round sale of 450 million tokens ended in 5 seconds at $0.00213 and the third round of 750 million tokens were sold out in 7 seconds at $0.00255.
Huobi Global opened trading for a TOP/HT trading pair immediately after the conclusion of the token sale. TOP price peaked at around $0.049, which is roughly around 2700% increase from the price of the first sale round. As of press time, TOP is trading at $ 0.003964, registering an increase of about 120%.
Hours before the fundraising event, lots of desperate traders in China rushed to internet cafes with blazingly fast connection or even recruit part-time buyers to be well poised for the sale. However, much like it was the case with Binance Launchpad, Huobi Prime fails to cope with the high demand, leaving tens of thousands of willing investors without any chance to obtain one TOP token.
Those who failed to obtain TOP tokens rushed to sell off their HT holdings, leading to a price drop of HT. HT fell to $2.26 from $2.52, down over 8% within half an hour. Some people even believed the token launch platforms are specially designed for crypto whales or insiders.
In order to pacify investors, Huobi Global CEO, Livio Weng Xiaoqi, said on his WeChat Moments that they planned to initiate a small airdrop of TOP tokens for those whose orders were not filled and promised to change token sale rules for the second project which is expected to come on April 16.
According to Huobi, starting from the second project, participants are required to hold 500 HT for 30 consecutive days before the sale.