On June 10, the IO token was trading in the pre-market within the range of $4.21 – $4.80. In contrast, the IO.NET community expected a price range of $10. However, the price has since dropped further and is currently trading at $3.69, marking an 18% decrease in the last 24 hours.
IO.NET has recently started trading on Binance, KuCoin, and other top crypto exchanges. The platform behind the token presents itself as the world’s largest decentralized computing network, providing ML engineers access to scalable distributed clusters at a much lower cost than centralized services.
The IO.NET project is among the companies offering GPUs at a very affordable price. The GPU market is projected to reach $395 billion by 2030. The platform also aims to enhance computational power for consumers and is recognized for its high-quality CPUs and GPU network.
As was the bears’ case, however, IO’s price has ranged between $3.20 and $4.50, with a market capitalization of $340 million at press time. It is currently trading at $3.59.
Positive prospects and the minuses
The token was valued at $1 billion after a $30 million fundraising round. It has announced an initial supply of 500 million tokens. Over the next two decades, the supply will gradually increase to 800 million tokens. The platform will reward stakers with additional tokens. Rewards are equivalent to 12% per year until reaching the maximum supply. Community rewards can go up to 50%.
Some analysts expect strong market trends and optimistic investor sentiment to push up the price. The platform is presented as revolutionary because it gives everyone access to powerful computing resources.
Just two days before the token’s introduction on Binance Launchpool, CEO Ahmad Shadid resigned. He said he planned to contribute a million IO tokens from his personal funds to the platform’s Internet GPU Fund.
The platform also faced accusations of data fraud and misinformation. The company’s services are allegedly not as reliable as claimed.
