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The price of io.net (IO), a Solana-based DePIN platform, launched on major crypto exchanges on Tuesday. The IO token saw a 20% drop after its market debut, reaching lows of $3.40.
Io.net Token Launches on Binance
io.net is a Solana-based decentralized physical infrastructure network (DePIN) project aiming to offer AI Compute-as-a-Currency. The IO token powers this ecosystem, enabling users to leverage extensive computing power resources.
The protocol aggregates GPUs across multiple storage providers, allowing GPU power providers to earn from the venture. Following its debut on Binance at 12:00 UTC on June 11, the io.net platform transitioned to IO Coin payments.
As the token launched on the Binance exchange, volatility caused a sharp fall in its price. Initially, the native token of the decentralized artificial intelligence (AI) and cloud platform dipped nearly 20%, from $4.54 to $3.40, before recovering to around $4.01 at the time of writing.
According to CoinMarketCap, the IO price was down about 10%, with intraday trading volume at $192 million and a market cap of $378 million.
io.net’s CEO Exit
Before the IO token’s launch on the world’s leading crypto exchange by volume, Ahmad Shadid stepped down as CEO. Tory Green, the co-founder and former COO, replaced him.
Shadid’s exit followed allegations regarding his past. While he did not address these allegations directly, the former CEO explained that his departure would enable the IO team to focus on advancing the project.
“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,”
Shadid assured that his token allocation, like everyone else’s on the team, is subject to a four-year lockup with a monthly unlock schedule starting in June 2025. He also pledged to donate 1 million IO tokens from his allocation to io.net’s Internet of GPUs Foundation.
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