Performance of Token Listings on Major Exchanges like Binance and OKX
Animoca Digital Research released a research report analyzing the token listing performance of five major exchanges: Binance, OKX, Bitget, KuCoin, and Bybit from a data perspective. The details of the report are as follows:
Overview of Token Listing Performance
This year, leading exchanges have adopted different token listing strategies.
Binance and OKX have been more selective among mainstream exchanges, listing only 44 and 47 tokens so far this year, respectively.
In stark contrast, Bitget has implemented a more aggressive listing strategy, with 339 tokens listed, far surpassing its competitors, and significantly increasing its market share in 2024.
So far this year, both KuCoin and Bybit have listed over 150 tokens.
From the beginning of the year to date, the average return rate for most exchanges has been negative, with Bybit experiencing the largest decline at -50.20%.
KuCoin follows closely with an average return rate of -48.30%, while Bitget’s average return rate is -46.50%.
In contrast, Binance and OKX have performed relatively better, with average return rates of -27.00% and -27.30%, respectively. This indicates that Binance and OKX have implemented more effective selective listing strategies, resulting in relatively better token price performance in a challenging altcoin market environment.
Monthly Token Listing Numbers
Given the favorable market conditions at the beginning of the year, March and April became peak months for listing activities across exchanges, particularly for Bitget, Bybit, and KuCoin, which saw a significant surge in the number of listings.
In April, the total number of listings reached a peak of 133, while August saw the lowest number of listings at just 44. Since April, the number of listings across most exchanges has been steadily declining until August.
Total Trading Volume of Tokens in Their First Month
The above chart shows the 30 tokens with the highest trading volume so far this year. ENA leads with a trading volume exceeding $15 billion in its first month.
Among popular meme tokens, trading activity for BOME, NElRO, and WIF has significantly increased, while tokens such as ZRO, TON, and lO saw trading volumes ranging from $1 billion to $5 billion in their first month.
MC/FDV Ratio and Average Token FDV
The MC/FDV (Market Capitalization to Fully Diluted Valuation ratio) is a key indicator for assessing a token’s floating market value relative to its total valuation. The analysis shows that projects with lower circulation ratios often inflate their valuations.
For Binance, tokens within the range of 0.4 to 0.6 occupy the largest share of fully diluted valuation for listed tokens. This is mainly due to the recent listings of TON, BANANA, and XAl.
At the same time, tokens in the range of 0 to 0.4, such as TAO, JUP, ENA, and ZRO, also contribute significantly to the overall FDV.
OKX shows a higher concentration of tokens in the ranges of 0.6 to 0.8 and 0 to 0.2. Notable high FDV listed tokens this year include JUP, ONDO, ZRO, STRK, and ZK.
The other three exchanges have listed tokens with lower FDV, reflecting a diversification in their token selection strategies, which may also be due to Binance and OKX lagging in listing high FDV tokens.
Number of Listed Tokens by Different MC/FDV Ratios
An analysis of the distribution of tokens by different MC/FDV ratios reveals a noteworthy trend: most tokens tend to cluster at either extreme high or low MC/FDV ratios, and circulation percentages follow a similar pattern.
Interestingly, the highest valued tokens are those located in the middle range of the MC/FDV ratio. This suggests that tokens demonstrating an established market share while also showing growth potential tend to attract greater investor interest.
Trading Volume by Exchange and Listing Month
Trading Volume Trends in the Last 24 Hours (by Exchange and Listing Month)
First Month Trading Volume Trends (by Exchange and Listing Month)
First 24 Hours/First Month Trading Volume (by Exchange and Listing Month)
First Day Trading Activity:
After listing, the trading volume in the first 24 hours typically accounts for 5-20% of the first month’s trading volume, depending on the exchange. OKX was recorded as an outlier in September, with 40% of its activity driven by the CATl and HMSTR tokens, while KuCoin demonstrated stronger engagement in the preceding months.
Trading Volume:
Among the five exchanges, Binance leads the market in both average trading volume for the first 24 hours and the first month, followed by OKX. For Binance, April marked the peak for average first-day trading volume, while May saw the peak for the first month trading volume. These two volume metrics reached their lowest points in July and partially recovered in August and September. A similar decline and recovery trend can also be observed for OKX.
First Day Closing Price and ATH Price (by Exchange and Listing Month)
Average Time from Listing to ATH (by Exchange and Listing Month)
The average number of days for newly listed tokens to reach their all-time high (ATH)
Average ATH ROI by Exchange and Listing Month
ATH ROI % (average percentage change between ATH and listing price)
Listing Performance:
Based on the ratio of ATH price to first-day price, Bybit and Bitget had the highest average ATH ROI during the period from April to July. Meanwhile, Binance achieved the fastest time to reach an all-time high (ATH) among the five exchanges from January to March, during which Bitcoin experienced significant price fluctuations.
Market Sentiment Shifts:
As BTC prices increase significantly, the number of days to reach ATH decreases, which may be due to increased investor interest in newly listed tokens during the period from January to March, when BTC experienced notable price volatility.
This article is collaboratively reposted from:
Deep Tide
