Bull market cycles in the cryptocurrency market can be exhilarating for day traders and long-term investors alike, but the speed at which the prices move can make it a challenge for promising new projects that are looking to catch the momentum before the cycle plays itself out.
This reality has led to some projects listed on exchanges in the form of token IOUs so that interested parties can get in on the trading action before the token is officially released. Polkadot (DOT) is one of the most well-known examples of a token that went through this process.
Casper (CSPR), a proof-of-stake blockchain platform, is a relatively new project that has benefited from this IOU process, and its token value has made significant gains since the end of its initial coin offering on April 7 when early investors were able to acquire the altcoin for $0.03.
Data from CoinMarketCap shows that the price of CSPR has vaulted 2,300% higher since May 6, jumping from a low of $1.15 to a record high at $28