Interested in the Metronome cryptocurrency project, investors waited until the very end of the auction to buy tokens at the lowest possible price.
Unlike traditional ICOs, rewarding early investors, the sale of Metronome tokens went through an auction scheme with a falling price, calculated for 7 days. Buyers allowed the campaign to last 6 days, 23 hours and 40 minutes, the project said.
A total of 8 million METs were sold for 26,502.21 ETH (about $10 million at the current exchange rate). Investments came from 1,443 different wallets, and the average purchase amount was $3,623.
The organizers of the campaign recognize that they have chosen a difficult time to implement their tokens.
“The auction of the initial placement of Metronome took place against the backdrop of one of the deepest declines in the continuous bear market of the beginning of 2018,” they write.
The project team believes that this factor can explain the sluggishness of investors who did not want to part with their air, especially those who bought a cryptocurrency at a much higher price. At the same time, there were no incidents during the sale of the tokens.
“Metronome’s functionality at the technical level corresponds to expectations, the initial placement auction went according to the schedule, and all users had equal opportunities when accessing it,” the publication reads.
The Metronome project, created by Jeff Garzik, is focused on long-term development and should allow its users to freely move tokens between various blockchains.