Story Highlights
io.net token launched on Binance Launchpool but the price dropped 20% soon after.
CEO change right before the launch added uncertainty, with unconfirmed allegations surrounding the former CEO.
Despite the rocky launch, io.net remains committed to team lockups and donations to build trust.
io.net (IO), a Solana-based decentralized physical infrastructure network (DePIN) project, witnessed a rough debut on major crypto exchanges. The token, which launched on Binance Launchpool on June 11th, plummeted 20% shortly after hitting the market, trading as low as $3.40. This price drop comes on the heels of a recent leadership change within io.net, with co-founder Tory Green assuming the CEO position following the departure of Ahmad Shadid.
Shaky Start for IO.net Token
IO.net offers AI Compute-as-a-Currency, leveraging a network of aggregated GPUs to provide users with vast computing resources. The project’s native token, IO, powers this ecosystem, allowing users to tap into this distributed network. However, the token’s launch on Binance failed to ignite the anticipated enthusiasm. CoinMarketCap data reveals a nearly 20% drop from its initial price of $4.54, with the token recovering slightly to around $4.01 at the time of writing.
Leadership Change Casts Shadow
Adding to the uncertainty surrounding the project was the unexpected CEO transition. Just days before the token’s launch, Shadid stepped down amidst unconfirmed allegations regarding his past. While Shadid denied the claims and emphasized a desire to avoid distractions for io.net’s growth, the timing of his departure raised concerns among investors.
io.net maintains a positive outlook despite the initial price slump. The project aims to regain investor confidence by focusing on its core functionalities and the potential of DePIN technology. The team’s commitment, evidenced by Shadid’s pledge to lock up his tokens and donate a portion to the project’s foundation, might help in this endeavor. However, only time will tell if io.net can overcome this turbulent launch and navigate the competitive cryptocurrency landscape.
