Investors sell Binance Coin after Fetch.AI token sale, price BNB drops

25 Feb, 2019 | Updated: 25 Feb, 2019
by Jelmer van der Dussen
Price Action
Investors sell Binance Coin after Fetch.AI token sale, price BNB drops

The price of Binance Coin has seen a drop after the second token sale on Binance Launchpad today. As soon as the Fetch.AI token sale started, the price of BNB went down.

Read more: Fetch.AI raises $6 million in 22 (!) seconds on Binance Launchpad

Fetch.AI was the second project that was launched on Binance's new ICO platform Launchpad, after BitTorrent's BTT token. Within 22 seconds, all the allocated FET tokens were sold to 2758 individuals.

$BNB was the only cryptocurrency that was accepted for the Fetch.AI token sale, and as soon as the token sale started, Binance Coin dropped from $10.09 to $9.54.

A lot of investors missed out on the FET ICO because of the huge interest, and angry potential buyers selling their BNB after not being able to participate in the token sale could be one of the reasons that Binance Coin dropped in price.

Read more: Many people missing out on Fetch.AI token sale: 'Better luck next time'

Another reason could be that people who weren't planning to get involved in the FET token sale rode the waves (read: gains) of the last few weeks in anticipation of the ICO, and sold their holdings when the token sale started.

At the time of writing $BNB is trading for $9.62.

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