BNB price hits ATH after Binance announces new IEO for Elrond project

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Bitcoin is not the only cryptocurrency reaching for the moon. Binance Coin managed to follow, at least for a short time, the growth rhythm imposed by the king of cryptos moving into the $39 price area.
And in Binance Coin’s case, we can find the culprit in the new IEO (Initial Exchange Offering) that was announced for the Elrond project.
The Elrond token sale event is a type of lottery where users need to hold BNB in their accounts for 9 days in the hope of obtaining as many tickets as possible to purchase Elrond coins.
This lottery event offers traders 10,833 tickets, though previous IEOs provided around 16,666. Users can have a maximum number of 5 tickets. The application process started on June 22 and 9 days later on the 1st of July participants should be able to claim the lottery tickets.
Another Binance Launchpad lottery means another price rise for Binance Coin, which jumped to eventually reach the $39 level. In the meantime the price cooled down a bit but the future evolution of BNB is quite transparent with more users joining Binance platform and participating in the attractive Binance Launchpad token sales events.
Elrond project went through a private sale earlier in April and May 2019 during which they managed to sell 19% of the total token supply for around $1.9 million. The most relevant companies that invested in the Elrond project are Binance Labs, Electric Capital, Maven 11 and others. In addition to the private sale, Elrond team received funding from various investors from UK, Asia and the European Union.
Elrond project is looking to create a scaling technology that can increase throughput volume via sharding in order to improve scalability for smart contracts and decentralized applications built on their blockchain platform. The Elrond team talked about the testnet launch that took place indicating a network speed of 12,000 transactions per second, which is quite impressive.
We are certain the latest Elrond token sale event taking place on Binance Launchpad will prove to be as successful as the previous IEOs.

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