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.
- 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