Hello to all crypto traders and investors! On 5 November, I participated in the token sale of
Immutable X (IMX) on Huobi, and now I want to share my experience and summarise it at the same time.
On 1 November, Huobi opened the Primelist launchpad, where it launches tokens. IMX was the first token launched on it. Details are here:
https://www.huobi.com/support/en-us/detail/44890071200655https://www.huobi.com/en-us/topic/primelist/?code=IMThe principle of its operation is as follows: you register, pass the KYC procedure, block 200 USDT on your account, and wait. Then you will either be sent tokens at the starting price or not. In the latter case, they will simply unlock that amount, and you will be able to trade with it further.
I registered an account, deposited 200 USDT, and blocked them. I was lucky — Primelist allocated IMX tokens at a price of
0.16 USDT.
Trading started at 13:00 (UTC), an hour after the end of the token sale. It was enchanting — in a few seconds the price soared 10 times, up to 1.60 USDT, but the DOM was empty (no one wanted to sell). There is a restriction on Huobi: after the start of trading in the first 5 minutes, the price cannot be more than 1.60 USDT. After 5 minutes, IMX soared even higher — the price reached 7 USDT. However, I sold at
5 USDT and got a
3125% profit! Today, the price corrected to 4 USDT:
https://www.huobi.com/en-us/exchange/imx_usdtIf we take this scheme apart, we get the following:
- Hype is created — everyone feels they can make a good profit, so they register accounts and deposit like crazy (because of FOMO).
- Not everyone will receive tokens during the initial token sale (probably only 3-4% of the lucky ones, in my opinion).
- The rest of the crowd who didn’t get tokens will want to buy them on the market ASAP to catch the train.
As a result:
- The exchange gets a bunch of registrations and deposits.
- The lucky ones earn a 30x return on investment and tell their friends about it (or on forums, like me).
- Those who don’t get it form a shock wave that sends a token to the moon.
- A token gets a lot of positivity and publicity. After the token sale, the price will naturally correct, forming a whole layer of long-term holders.
Everyone wins!
