Originally published on: November 11, 2024
In 2024, the popular cryptocurrency exchange Binance witnessed an impressive surge in prices for the majority of memecoins listed on its platform.
An onchain analyst, known as Ai_9684xtpa, disclosed on X that out of the 15 memecoins listed by Binance, a staggering 80% experienced significant price increases after being introduced on the exchange.
Notable memecoins such as MOODENG, WIF, and POPCAT skyrocketed by over 200% following their Binance listing, while NEIRO saw an astonishing 7,600% surge in value.
Although most tokens experienced price hikes, a few witnessed minor declines post-listing. Memecoins like MOG, MYRO, and BOME saw slight depreciation, with MYRO facing a 33.3% decrease, and MOG and BOME dropping by 11.8% and 1.28%, respectively.
The onchain analyst highlighted that Solana-based memecoins dominated the listings, making up 60% of the total, followed by Ethereum at 26.7%, with the rest split between Binance’s BNB Smart Chain and the Base network.
Interestingly, only five of the listed memecoins were available for spot and futures trading, indicating Binance’s cautious approach to spot listings.
The analyst’s data suggested that Binance does not impose strict market value requirements for memecoin listings, with popular tokens and strong communities being key factors for consideration.
In contrast, Trump-themed memecoins faced a significant drop in value following the US election results, with tokens like TRUMP and MAGA seeing declines of up to 55%.
As the crypto market continues to evolve, the impact of Binance listings on memecoins remains a topic of interest, reflecting the ever-changing landscape of digital assets. Subscribe to the Finance Redefined newsletter for more insights on the latest DeFi developments and financial opportunities.
