RNBW Tanks 65% Below ICO Price on First Day of Trading

Self-custodial Ethereum wallet Rainbow debuted its native token RNBW yesterday, Feb. 5. But the project’s token generation event (TGE) on Base, and the token’s debut for trading across exchanges, were met with reports of delayed distribution to ICO participants, which contributed to the token’s poor day-one performance.

According to Coinbase data, RNBW hit a high of $0.05 on its first day of trading, but fell quickly and closed the daily session around $0.034, down more than 30%, putting its fully diluted valuation around $34 million.

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