When a new coin is launched, the price often shows a large percentage increase, such as $VANA which rose by 2400%. Sometimes people think that some people bought the coin at $1 and others at $25.70, but that is not the case.
When Binance lists a new coin, they must quote three prices before trading starts:
1. Opening price
2. Highest price of the day
3. Lowest price of the day
For example, with $VANA, the low might be $1, the high might be $25.70, and the opening price might be around $21.79. The “low” often depends on the coin’s ICO.
