Originally published on: November 11, 2024
A recent analysis revealed that a whopping 80% of memecoins listed on Binance in 2024 witnessed a significant surge in price following their debut on the popular cryptocurrency exchange.
According to a post by the pseudonymous on-chain analyst Ai_9684xtpa, out of the 15 memecoins listed by Binance in 2024, 12 experienced notable increases in value shortly after being added to the platform.
Notable memecoins such as Moo deng (MOODENG), Dogwifhat (WIF), and Popcat (POPCAT) saw their prices soar by over 200% post-Binance listing. In a particularly astonishing case, the Neiro (NEIRO) memecoin saw an incredible spike of almost 7,600% in value.
While the majority of listed tokens saw an upward trend, a few experienced slight declines. Mog Coin (MOG), Myro (MYRO), and Book of Meme (BOME) all saw modest price decreases after their Binance listings.
Interestingly, the analysis also revealed that 60% of the memecoins listed on Binance in 2024 were based on the Solana blockchain, with Ethereum accounting for 26.7% of the listings. The remaining tokens were divided between Binance’s BNB Smart Chain and the Base network.
Moreover, out of the memecoins listed, only five were available for spot and futures trading, emphasizing Binance’s cautious approach to spot listings.
The data presented suggests that Binance may prioritize the popularity and community engagement of memecoins over stringent market value requirements for listing consideration.
Amidst the overall positive trend in the crypto market, it was noted that memecoins inspired by former US President Donald Trump witnessed a decline in value following the US election results. The MAGA (TRUMP) token, along with other Trump-themed memecoins, saw significant price drops ranging from 50% to 75%.
In a dynamic and ever-evolving crypto landscape, the surge in memecoins post-Binance listing showcases the potential for growth and opportunity within the world of digital assets.
