GNO is a functional token that exists in the gnosis platform. There are several points that can be misleading about GNO tokens. First of all, gno is not a securities, it is not used for investment and speculation, and it cannot be refunded. Second, the GNO token does not represent the company's equity. The GNO token does not represent any proof of the company's rights and interests. GNO token is sold as a functional token and the company has the right to use all the resulting income unconditionally.
This example can explain gno trading well: Gnosis created 10 million tokens and began issuing tokens. Alice sent 1 ETH to the issuing address of the token, at the time the price was 1GNO to 1ETH. The issuance of tokens continues, and the price of each new block token is reduced by a little. On the 7th day of release, the GNO worth 1.5 million ETH was sold. Alice sent 1 eth so she got two gnosis coin.
Therefore, the participants declare that they are willing to pay the highest price at the time of purchase, but the final price is determined by the last lowest price. This is only a simple example. As for other influencing factors, investors need to further understand.