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Basic Attention Token (BAT) Sold out in 24 Sec

ICO fever is in full swing! Basic Attention Token (BAT) initial coin offering generated 35 Million USD in under 24 sec. That’s more than 1 Million USD per minute –  a feat that would make any startup in Silicon Vally Jealous. It took less than 3 blocks to complete the sale, with many senders adding a heavy premium in terms of gas to participate in the sale. The crowds were so excited that the amount of traffic to etherscan caused DDoS lag times site response.

This is the current status of the market – there are a lot of investors looking for the next best coin. This year there are less and less pre-mined coins and ICOs are the new rage. Gnosis ICO sent the company skyrocketing with a valuation more than 300M.

ICO Results:

  • Sold out in 24 Seconds
  • Large Buyers – Single transactions of over 10,000 ETH played a large role in the sell off.
  • Large Transfer fees – Largest gas spent was over 20 ETH
  • Transaction Backlog – Created a huge backlog of transactions that took hours to process

The information provided in this article is intended for general guidance and information purposes only. Contents of this article are under no circumstances intended to be considered as investment, business, legal or tax advice. We do not accept any responsibility for individual decisions made based on this article and we strongly encourage you to do your own research before taking any action. Although best efforts are made to ensure that all information provided herein is accurate and up to date, omissions, errors, or mistakes may occur. 
Disclosure: Authors are invested in cryptocurrency projects and have cryptocurrency holdings - including those covered on this website. 

Michael
Michael
I’m Michael Gu, Creator of Boxmining. I’ve been involved in the digital asset and Blockchain space since 2012. Something I immediately noticed was that accurate information is hard to come by in this space. More often than not, we find extremely biased information that exploits the complexity of blockchain to obscure facts. Having been around before bitcoin or blockchain was even “cool” meant that I had to do a lot of discovery myself, and along the way, I had many successes, but also made mistakes. I started Boxmining in 2017 mainly as a passion project, to educate people on digital assets and share my experiences. Being based in Asia, I also found a huge discrepancy between digital asset trends and knowledge gap in the West and China. So I leveraged my knowledge and positioning to bridge that information gap and let people know what is truly happening. This journey has been nothing short of exhilarating for me, starting from when I mined Bitcoin in grad school to appearing on China’s national television as an overseas expert on blockchain technology, and having the honour of interviewing leading crypto entrepreneurs, including Binance CEO Changpeng Zhao and FTX founder Sam Bankman-Fried.

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