Space ID Tokens Wow Investors Weeks After Binance Launchpad Sale

The price of Space ID’s ID token has nearly doubled in the past week on the back of strength in the largest cryptocurrencies and chants of “altcoin season” among some crypto traders on Twitter as the token has become one of the best performers this month.

The token now has a market capitalization of $240 million, placing it among the top 200 cryptocurrencies by that measure. The tokens, which can be used on the Web3 domain management platform as a governance token, saw over $340 million in trading volume over the past 24 hours on exchanges such as Binance and Gate.io.

The price action in Space ID, which allows users to exchange, register and manage crypto-based domain names, reinforces Binance Launchpad's position as a lucrative platform for traders looking to get allocations of tokens in new projects. Binance announced its support for Space ID last month, giving holders of BNB tokens a chance to purchase the ID tokens. BNB is the token of BNB Chain, a decentralized exchange where users can trade directly with each other.

Previous Binance Launchpad offerings have also increased by several multiples for investors – contributing to interest in the sale mechanism. Launchpad uses a lottery system for its token distribution.

A December sale of Hooked Protocol’s HOOK tokens raised 9 million in BNB commitments from traders, offering its tokens at just 10 cents at the time. HOOK traded for $2.50 as of Wednesday, a 2,300% return for early participants.

Space ID received over $2.85 billion worth of BNB tokens in commitments from 99,000 holders over a 48-hour period. The project was looking to raise $2.5 million in exchange for id tokens, which were offered at a rate of 0.00007412 BNB for each 1 ID. A hundred million id tokens were offered in total.