The Change Bank ICO has started and after the first day, we have seen a contribution of 42K ETH, inclusive of the pre-sale contributions. What does this means for Change Bank? Initially I had expected a sell out within the first 24 hours but the sale seems to be still on going as the hard cap has not been hit yet. Lets try to figure this out? I do have some speculation on this.
Looking through the main sale transaction on etherscan, we can see that the average contribution is about 3.31 ETH. This is the reason why these contributors were not able to contribute during the pre-sale as there was a minimum of 10 ETH. A larger number of contributions are from small investors who have been waiting on the sidelines since the pre-sale, eagerly awaiting this main sale.
There was one transaction of 716ETH and another transaction of 201 ETH (whom later contributed another 43.17 ETH). Could the 716 ETH contribution be from an institutional investor? Possible.
The launch of the ICO was over the weekend and most of the publicity for Change Bank was over the last few days of last week prior to the ICO. My theory is that institutional investors are still mulling over their decision on investing into Change Bank. Perhaps they are taking a break over the weekend and when they start work Monday morning, decisions will be made and we will start seeing a number of large contributions to Change Bank ICO. Lets continue to watch the Change Bank ICO. I think once the institutional investors get through their meetings and decisions, we will start seeing more action for the Change Bank ICO.
In the mean time, great job to the Change Bank team on managing this main sale!