Crypto pre-markets are places where investors can trade tokens before they are officially launched to the public. Unlike regular markets, which operate 24/7, crypto pre-markets focus on trading tokens that haven’t been released yet.

### How Do Crypto Pre-Markets Work?

Crypto pre-markets let traders buy and sell tokens during the period between when a token is announced and when it becomes available on exchanges. Here’s how it typically works:

1. Announcement: A new cryptocurrency project announces it will release a token through an Initial Exchange Offering (IEO).

2. Pre-Market Phase: Before the token is distributed and listed on exchanges, the project might allow trading of the unreleased tokens on a decentralized platform. This lets early investors buy and sell these tokens.

3. Price Discovery: This trading helps establish a preliminary value for the token and gives a sense of market interest.

Some centralized exchanges (CEXes) also offer pre-market trading, acting as secure platforms for these transactions.

In short, crypto pre-markets provide a way for traders to get involved early, speculate on future prices, and help set initial valuations for new tokens.