The id token of Space ID, a Web3 domain management platform, has nearly doubled in the past week as the larger cryptocurrencies strengthen and some crypto traders on Twitter chant "altcoin season". The token has a market capitalization of $240 million and has seen over $340 million in cumulative trading volume in the past 24 hours on exchanges such as Binance and Space ID allows users to exchange, register, and manage crypto-based domain names and its success reinforces Binance Launchpad's position as a lucrative platform for traders looking to get allocations of tokens in new projects. The subscription period for ID ended in March, becoming the latest Binance Launchpad offering.

(By Shaurya Malwa)