30 tokens listed by cryptocurrency exchange Binance in 2024, nearly all are experiencing significant losses, according to a recent post by Coin98 Analytics on the X social media platform. Only one token, Jupiter’s native JUP, has shown positive growth, rising 21.2% since its listing on January 31, achieving a fully diluted value (FDV) of approximately $8 billion. FDV measures market capitalization based on the assumption that a token’s entire supply is circulating at current trading prices.
Jupiter, a Solana-based decentralized exchange, launched in January and has since attracted over $610 million in total value locked (TVL), according to data from DefiLlama. Its January 31 airdrop, the largest in Solana’s history, distributed around $700 million worth of JUP tokens to roughly 1 million wallets.
Majority of Tokens Down Over 50%
Despite Jupiter’s success, the remainder of Binance’s 2024 token listings have not fared well. The overwhelming majority are down by at least 50%, with the worst performer being Aevo’s native token, AEVO, which has plummeted over 90% since its March listing.
Most tokens listed on Binance this year are down more than 50%. Source: Coin98 Analytics
Aevo, a decentralized exchange that operates on a custom layer-2 blockchain network and settles transactions on Ethereum, faced controversy during its March token listing. The distribution model, an airdrop, left many users feeling shortchanged and frustrated with the opaque allocation methods.
Airdrop Model Under Scrutiny
The airdrop model, increasingly popular for token distributions, has been criticized for its ineffectiveness. A significant majority of tokens distributed via airdrops have depreciated in value since their listing, often severely. The methods for determining airdrop allocations are frequently unclear, leading to dissatisfaction among recipients.
Jonathan Joseph, co-founder of SmartFunds, explained to Cointelegraph, “When the airdrop comes, people feel short-changed because the number of points doesn’t necessarily have any correlation” to the number of tokens received.
Market Crash Exacerbates Losses
Adding to the tokens’ woes, a recent crash in cryptocurrency markets on August 5 wiped out approximately $510 billion in market capitalization across the crypto sector, exacerbating the losses for Binance’s 2024 token listings.
