Memecoins Surge Following Binance Listing in 2024
In 2024, the cryptocurrency exchange Binance experienced a significant hike in the value of most memecoins listed on its platform. A standout example is the Neiro memecoin, which skyrocketed by nearly 7,600% post-listing.
Performance of Memecoins on Binance
On November 11, an on-chain analyst, known by the pseudonym Ai_9684xtpa, revealed that out of the 15 memecoins added to Binance in 2024, 12 experienced notable price increases once they were available on the exchange. Memecoins such as Moo deng, Dogwifhat, and Popcat saw their values more than double, with Neiro leading the pack with its substantial gain.
Despite the general upward trend, not all tokens thrived. Memecoins like Mog Coin, Myro, and Book of Meme witnessed declines post-listing. Myro, for instance, suffered a 33.3% drop, while Mog Coin and Book of Meme decreased by 11.8% and 1.28%, respectively.
Solana Dominates Memecoin Blockchain Choices
A significant portion of the memecoins listed on Binance in 2024 were based on the Solana blockchain, with 60% of them utilizing this technology. Ethereum accounted for another 26.7%, while the remainder were built on Binance’s BNB Smart Chain and the Base network.
Out of all the memecoins listed, only five have been made available for both spot and futures trading. The analyst noted Binance’s cautious approach towards spot listings and observed that the exchange does not seem to prioritize market value when selecting memecoins for listing. Instead, factors like popularity and community engagement appear to weigh more.
Trump Memecoins Decline Post-Election
While the broader crypto market has shown gains, Trump-themed memecoins have faltered. Following the victory of Donald Trump in the United States election on November 7, these memecoins took a sharp dive. The MAGA token plummeted by 53%, and the MAGA Hat memecoin saw a 55% decrease. Other Trump-related tokens also experienced reductions in value ranging from 50% to 75%.
Conclusion
The landscape of memecoins in 2024 has been notably influenced by their listing on major exchanges like Binance. While many tokens have thrived, others have struggled, reflecting the volatile and unpredictable nature of the cryptocurrency market. As the year progresses, the trends in blockchain choice and community impact will continue to shape the trajectory of these digital assets.
