IO officially hit the market after io.net announced a complete change of their app mechanisms and the introduction of a transaction token. Now, io.net users can pay for CPU and GPU rentals with IO instead of SOL.
The launch, boosted by IO’s listing on major exchanges like Binance, has significantly increased its transaction volume. IO’s price shot up by 30% in less than a week, and its transaction volume increased by twentyfold.
IO Surges 30% in Two Days
IO launched on 11th June 2024, with listings on several major exchanges. As a result, its transaction volume skyrocketed even though it’s only been trading for two days.
Big names like Binance, Kucoin, Bybit, Gate.io, and HTX have listed IO, explaining the dramatic volume increase.
According to Coingecko, IO’s transaction volume soared from around $100 million on the first day to about $2 billion in less than two days.
This surge in volume drove IO’s price from around $4 at launch to nearly $6 now. Despite a brief correction post-launch, IO has appreciated about 30% in less than two days.
Alongside the launch, IO introduced a two-phase airdrop program called Ignition Rewards, which has been available since the token’s release.
Some airdrop recipients quickly sold their holdings, causing a temporary price drop. However, this selling pressure might continue as the airdrop period lasts until 18th June 2024.
IO hasn’t yet disclosed how unclaimed airdrops will be allocated, but they’ll likely be used for network subsidies or additional airdrops. This launch is exciting because it means the AI narrative could gain more traction with IO’s rising popularity.
IO’s Fair Valuation
Currently, there’s no significant price prediction for IO, but we can make some assumptions based on available information.
With a supply of 800 million tokens and the company recently securing $30 million in funding at a $1 billion valuation, IO’s tokens need to be valued at $1 billion for investors to break even.
For a fair value calculation, IO’s price needs to be around $1.25 for investors to break even when selling. Given the current price surge, investors are likely seeing profits now but can’t sell due to a vesting period.
Once all tokens are sold, IO’s fair or lowest possible price could be around $1.25, potentially happening after the airdrop or during a bear market.
Similar projects like RNDR saw a 3,000% increase post-launch, though usually after a significant correction due to short-term selling pressure.
Nothing is certain in the crypto world, so it’s wise to consider IO’s fundamentals and whether the project can survive long-term.
Since IO is used for transactions on io.net, it makes sense that the token has potential for future utility and value.
However, if the token’s price rises too high, it could hinder platform transactions and reduce volume due to high costs. Investors need to have their outlook on IO’s future, trust their analysis, and be prepared for the long haul.
