In 2024, Binance has been a launchpad for many of the fun tokens, and the results have been quite impressive.
The Binance-effect looks real
On November 11, an on-chain analyst shared some data showing that 12 out of the 15 memecoins launched this year saw huge price jumps after hitting the Binance exchange.
Some coins really hit the jackpot, Moo deng, Dogwifhat, and Popcat all skyrocketed by over 200%.
But hold onto your hats—Neiro went absolutely wild with 7,600% increase in price post-listing!
Binance listing is not for everyone
Of course, not every memecoin has been riding high. A few tokens, like Mog Coin, Myro, and Book of Meme, didn’t fare so well.
MYRO took a hit with a 33.3% drop, while MOG and BOME fell by about 12% and 1%, respectively. Not much, but far from skyrocketing.
Interestingly, most of the new memecoins are built on the Solana blockchain, which made up 60% of the listed tokens.
Ethereum-based coins accounted for 26.7%, while the rest were split between Binance’s BNB Smart Chain and the Base network.
Binance’s listing criteria
The analyst pointed out that while Binance is pretty choosy about which tokens it lists, it doesn’t seem to have a strict market cap requirement for memecoins.
Instead, they focus more on how popular these coins are and the support from their communities.
Popularity means trading volume, and trading volume means fees, and fees means profit for Binance. So if you’ve got a strong fanbase, you might just find yourself on Binance!
Also worth to remember that not all themed tokens are thriving. Memecoins related to Donald Trump took a nosedive after his election win.
On November 7, the MAGA token plummeted by 53%, while the MAGA Hat token dropped by 55%. Other Trump-themed memecoins also fell between 50% and 75%.
