A recent study by a digital research firm analyzed the listing strategies and performance of five leading cryptocurrency exchanges. The report offers a data-driven look at how new token listings have fared across these platforms throughout the year.
Overview of Listing Performance
Leading exchanges have adopted noticeably different listing strategies this year. Some prioritized selectivity, while others favored volume.
Binance and OKX have been the most selective among major exchanges, listing only 44 and 47 new tokens year-to-date, respectively. In stark contrast, Bitget pursued a far more aggressive strategy, listing 339 new tokens—significantly outpacing its competitors and capturing substantial market share in 2024. Both KuCoin and Bybit also had active listing schedules, each adding over 150 new tokens so far this year.
Average Returns by Exchange
Year-to-date, the average return for newly listed tokens has been negative across most platforms. Bybit recorded the largest average decline at -50.20%. KuCoin followed closely with an average return of -48.30%, while Bitget’s average return stood at -46.50%.
In comparison, Binance and OKX demonstrated relatively stronger performance, with average returns of -27.00% and -27.30%, respectively. This suggests their more selective listing approaches may have been more effective in navigating the challenging altcoin market environment, leading to better relative token price performance.
Monthly Listing Volume
Listing activity largely mirrored broader market sentiment. March and April saw peak listing activity across most exchanges, fueled by favorable market conditions at the start of the year. This surge was particularly evident on Bitget, Bybit, and KuCoin.
The total number of listings reached its highest point in April, with 133 new tokens added across the five exchanges. Activity steadily declined from that peak, hitting a low of just 44 new listings in August.
Total First-Month Trading Volume by Token
The report also highlighted the 30 most-traded tokens by volume in their first month of listing. ENA led the group, generating over $15 billion in trading volume within its first month.
Among popular meme tokens, BOME, NElRO, and WIF saw significant trading activity. Other tokens like ZRO, TON, and lO also garnered substantial attention, with first-month volumes ranging from $1 billion to $5 billion.
MC/FDV Ratio and Average Token FDV
The Market Cap to Fully Diluted Valuation (MC/FDV) ratio is a key metric for assessing a token’s floating market cap relative to its total valuation. The analysis revealed that projects with lower circulation ratios often inflate their valuations.
On Binance, tokens within the 0.4 to 0.6 MC/FDV range accounted for the largest share of the total fully diluted valuation of listings. This was largely driven by recent listings like TON, BANANA, and XAl. Tokens in the 0 to 0.4 range, such as TAO, JUP, ENA, and ZRO, also contributed significantly to the overall FDV.
OKX showed a higher concentration of tokens in the 0.6 to 0.8 and 0 to 0.2 ranges. Its high-FDV listings year-to-date included notable names like JUP, ONDO, ZRO, STRK, and ZK.
The other three exchanges listed tokens with lower average FDVs, reflecting more diversified token selection strategies—or possibly a lag in listing high-FDV tokens compared to Binance and OKX.
Number of Listings by MC/FDV Ratio
An interesting trend emerged in the distribution of tokens across different MC/FDV ratios: most tokens tended to cluster at either very high or very low ratios, indicating polarized circulation percentages.
Interestingly, the highest valuations were found among tokens in the middle MC/FDV range. This suggests that tokens which demonstrate both established market presence and growth potential tend to attract greater investor interest. For a deeper look into market metrics, you can explore more data analysis tools.
Trading Volume by Exchange and Listing Month
Trading volume activity provides insight into initial market enthusiasm and sustainability.
First 24-Hour Volume Trends
First-Month Volume Trends
First 24-Hour vs. First-Month Volume
Initial listing day activity is a strong indicator of early interest. Across the exchanges, the first 24 hours of trading typically accounted for 5% to 20% of a token’s total first-month volume.
OKX was recorded as an outlier in September, where 40% of the first month’s activity was driven by just two tokens: CATl and HMSTR. KuCoin demonstrated stronger initial engagement in the earlier months of the year.
Volume Leadership
Among the five exchanges, Binance led the market in both average first 24-hour and first-month trading volumes, followed by OKX.
For Binance, April marked the peak for average first-day trading volume, while May saw the highest first-month volume. Both volume metrics hit their lowest point in July, with a partial recovery occurring in August and September. A similar dip and recovery pattern was observed on OKX.
First-Day Closing Price vs. ATH Price
Average Time from Listing to ATH
The average number of days it took for a newly listed token to reach its All-Time High (ATH) price post-listing.
Average ATH ROI by Exchange and Listing Month
The average percentage change between the listing price and the subsequent All-Time High price.
Listing Performance Insights
When measuring the ratio of the ATH price to the first-day closing price, Bybit and Bitget recorded the highest average ATH ROIs from April to July.
Meanwhile, Binance-listed tokens were the fastest to reach their ATH between January and March—a period characterized by significant volatility in Bitcoin’s price.
The Shift in Market Sentiment
The data suggests a correlation between Bitcoin’s price action and new token performance. During periods of sharp BTC price increases, the average number of days to reach an ATH decreased. This is likely due to increased investor interest in new listings, as seen from January to March when BTC experienced significant price swings.
Frequently Asked Questions
What does the MC/FDV ratio indicate?
The MC/FDV ratio compares a cryptocurrency's market capitalization to its fully diluted valuation. A lower ratio suggests a larger portion of the total token supply is yet to be released, which can indicate potential future selling pressure. It's a crucial metric for assessing a token’s current valuation against its maximum potential supply.
Why were Binance and OKX's average returns better than others?
Binance and OKX employed a more selective listing strategy, choosing fewer tokens overall. This curation likely led to listing higher-quality projects with stronger fundamentals, which proved more resilient in a negative market trend, resulting in better relative average returns.
What does first-month trading volume tell us?
High first-month trading volume indicates strong initial interest and liquidity for a new token. It can be driven by factors like hype, project credibility, and market timing. Sustained volume, however, is often a better indicator of long-term viability.
How does Bitcoin's price affect new token performance?
New token performance is often correlated with Bitcoin’s price action. During bullish BTC trends, investor appetite for risk increases, leading to faster price appreciation for new listings. Conversely, in bearish or volatile markets, new tokens may struggle to gain momentum.
What is ATH ROI and why is it important?
ATH ROI measures the maximum percentage gain achievable from the listing price if an investor sold at the token's all-time high. It helps gauge the maximum profit potential and initial market euphoria surrounding a new listing, providing insight into its early performance peak.
Why did listing activity peak in April and decline afterwards?
Listing activity peaked in April following a positive Q1 market sentiment. The subsequent decline aligns with a broader market cooldown and increased volatility, which likely made exchanges more cautious and projects less eager to launch in unfavorable conditions. To stay updated on market trends, view real-time market analysis.