The leading global crypto exchange, Binance, has witnessed significant increases in prices for most memecoins listed on its platform in 2024, with some coins witnessing exceptional growth shortly after being added.
On November 11 2024, an on-chain analyst revealed that out of the 15 memecoins listed by Binance in 2024, 12 experienced substantial value gains following their launch on the platform.
👩💻 币安 2024 年已上线 Memecoin 项目盘点
Binance 自 2024 年以来已累计上线 15 个 Memecoin 项目（包含期货和现货），其中 80% 的代币在上线币安后市值有显著增长，小写 $NEIRO 涨幅甚至高达 7594%
以下是对发行网络 / 代币市值 / 涨跌幅和总体情况的详细拆解🧵👇 pic.twitter.com/hEOSUZMvND
— Ai 姨 (@ai_9684xtpa) November 11, 2024
MemeCoins such as:
- Moo Deng (MOODENG)
- DogWifHat (WIF), and
- PopCat (POPCAT)
saw prices surge by over 200% following their listing on Binance, while the Neiro (NEIRO) memecoin skyrocketed by nearly 7,600% after going live on the exchange.
Despite the general trend of price surges among Binance-listed memecoins, some tokens, including:
- Mog Coin (MOG)
- Myro (MYRO), and
- Book of Meme (BOME)
experienced declines following their listings.
Specifically,
- MYRO fell by 33.3%
- MOG by 11.8%, and
- BOME by 1.28%
The declines highlight that, although Binance listings can generate significant market interest, individual token performance remains variable, influenced by factors such as market sentiment and token-specific dynamics.
According to the onchain analyst,
- 60% of the memecoins listed on Binance in 2024 were built on the Solana blockchain
- Another 26.7% were based on Ethereum, while
- The rest were divided between Binance’s BNB Smart Chain and the Base network.
Among the memecoins listed on Binance, only five are available for both spot and futures trading, with Binance reportedly cautious about adding more to spot listings.
The analyst observed that Binance’s listing criteria for memecoins might not include a strict market value requirement. Instead, popularity and strong community backing appear to be common factors among the memecoins chosen for listing.
Binance has previously said that it lists 1 (one) in 10, 000 coins that ever get created, effectively just 0.01% of all coins and tokens within the crypto space are listed on Binance.
[WATCH] Only 1 in 10,000 Coins (0.01%) Get Listed on Binance, Says CEO, @cz_binance @binance https://t.co/Fi5F0kXSIe @BinanceAfrica
— BitKE (@BitcoinKE) January 1, 2022
“We do try to list projects that we think are solid. We look at multiple metrics to prevent people from engineering the user numbers, but we do try to select the best projects in the industry,” said the company’s former CEO at the time.
Despite this strict listing strategy, Binance has retained its position as the largest crypto exchange in the world amidst rising competition.
$GRT #GRT 🚀 #GRTcommunity 🌐
“Other notable holdings on Coinbase include 930 million GRT (The Graph)”REPORT | Binance and Coinbase Continue to Dominate the Crypto Industry with Largest Supply Statistics in 2023 – https://t.co/lwR9rGqhUW
— Planning for the Web3 (@web3planning) January 17, 2024
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