Research: Performance of Coin Listings in the First Three Quarters of Major Exchanges such as Binance and OKX

Original Author: Animoca Digital Research

Original Compiler: Felix, PANews

Animoca Digital Research has released a research report interpreting the listing situation of the five major exchanges: Binance, OKX, Bitget, KuCoin, and Bybit from a data perspective. The report details are as follows:

Overview of Listing Performance

This year, leading exchanges have adopted different listing strategies.

Binance and OKX have been more selective among mainstream exchanges, listing only 44 and 47 tokens respectively so far this year.

In stark contrast, Bitget has taken 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.

Average Return Rates of Each Exchange

Year-to-date, the average return rates for most exchanges have 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 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 listings. In April, the total number of listings peaked at 133, while August saw the lowest number of listings at only 44. Since April, the number of listings across most exchanges has been steadily declining until August.

Total Trading Volume of Tokens in the First Month

The above chart shows the 30 tokens with the highest trading volumes so far this year. ENA leads with a trading volume exceeding $15 billion in the first month. Among popular meme tokens, BOME, NElRO, and WIF have seen significant increases in trading activity, while tokens like ZRO, TON, and lO have trading volumes ranging from $1 billion to $5 billion in the first month.

MC/FDV Ratio and Average Token FDV

The MC/FDV (Market Cap to Fully Diluted Valuation ratio) is a key indicator for assessing the floating market cap of tokens relative to their total valuation. The analysis shows that projects with lower circulating ratios tend to inflate their valuations.

For Binance, tokens in the range of 0.4 to 0.6 account for the largest share of fully diluted valuations. This is mainly due to recently listed tokens such as TON, BANANA, and XAl. At the same time, tokens in the range of 0 to 0.4, such as TAO, JUP, ENA, and ZRO, have also made significant contributions to the overall FDV.

OKX has 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 remaining three exchanges have lower FDVs for listed tokens, 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 with Different MC/FDV Ratios

When analyzing the distribution of tokens with different MC/FDV ratios, a notable trend emerges: most tokens tend to cluster at extremely high or low MC/FDV ratios, with circulating percentages following a similar pattern.

Interestingly, the tokens with the highest valuations are those located in the middle range of MC/FDV. This indicates that tokens demonstrating both established market share and growth potential tend to attract greater investor interest.

Trading Volume by Exchange and Listing Month

Trading Volume Trend in the Last 24 Hours (by Exchange and Listing Month)

First Month Trading Volume Trend (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 showed stronger engagement in the preceding months.

Trading volume:

Among the five exchanges, Binance leads in both the average trading volume in the first 24 hours and the first month, followed by OKX. For Binance, April was the peak for average first-day trading volume, while May saw the peak for first-month trading volume. Both trading volume metrics hit their lowest points in July and partially recovered in August and September. A similar decline and recovery trend can also be observed in OKX.

First-Day Closing Price and ATH Price (by Exchange and Listing Month)

Average Time from Listing to ATH (by Exchange and Listing Month)

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 was the fastest to reach an all-time high (ATH) among the five exchanges from January to March, during which Bitcoin experienced significant price fluctuations.

Market sentiment shift:

When the BTC price rises significantly, the number of days to reach ATH decreases, which may be due to increased investor interest in newly listed tokens during the January to March period, during which BTC experienced notable price volatility.