io.net (IO) price slumps 20% on Binance launch
The price of io.net (IO), a Solana-based DePIN platform that recently launched as the 55th Binance Launchpool project, launched on major crypto exchanges on Tuesday.
IO price dropped 20% after its market debut, trading to lows of $3.40.
Io.net token launches on Binance
io.net is a Solana-based decentralized physical infrastructure network (DePIN) project that seeks to offer AI Compute-as-a-Currency. The IO token powers this ecosystem, with users benefiting from a vast resources in terms of computing power.
The protocol achieves this by aggregating GPUs across multiple storage providers, with GPU power providers earning from the venture. Following the project’s debut on Binance at 12:00 UTC on June 11, the io.net platform is transitioning to IO Coin payments.
As the token launched on the Binance crypto exchange, volatility saw it fall sharply.
CoinMarketCap data showed the native token of the decentralized artificial intelligence (AI) and cloud platform dipped nearly 20% from $4.54 to $3.40 before pushing up to around $4.01 at the time of writing.
IO price was down about 10% per CoinMarketCap, with intraday trading volume at $192 million and market cap of $378 million.
io.net’s CEO exit
Ahead of IO token’s launch on the world’s leading crypto exchange by volume, Ahmad Shadid stepped down as CEO. In his place, the project named Tory Green, the co-founder and former COO.
Shadid’s exit happened as allegations surfaced regarding his past. While he did not address these said allegations, the former CEO explained that his departure would allow the IO team to focus on taking the project to the next level.
“While there have been allegations regarding my past, I want to emphasize that I am stepping down as CEO to allow io.net to move forward without distraction and to focus on its growth and success,” he noted in an X post on June 9.
To help address concerns that he would dump his tokens, Shadid noted that his allocation, much like everybody else’s on the team, is subject to a four-year lockup. He added that these tokens have a monthly unlock schedule that only begins in June 2025.
Shadid also pledged to donate 1 million IO tokens from his allocation to io.net’s Internet of GPUs Foundation.
