In 2024, Binance has added 30 new tokens to its platform, but the results have been largely underwhelming.
Data from Coin98 Analytics indicates that only Jupiter (JUP) has seen positive gains among these new listings. Most tokens have suffered significant declines, especially those supported by major venture capital firms like Binance Labs. For instance, tokens associated with Binance Labs have experienced drops ranging from 44% to 90%.
Vinay, a Web3 developer, points out that despite the overall market slump, some of Binance’s new projects have managed to stay stable.
He suggests that the broader market conditions rather than the projects themselves might be influencing these outcomes.
A recent study by Flow revealed that investing equally in all new Binance tokens would have resulted in an 18% loss over the past six months. Additionally, research by Haseeb Qureshi from Dragonfly points to the dominance of venture capitalists in these projects as a possible reason for the recent downturn, suggesting that retail investors have exited upon realizing the heavy VC ownership.
Overall, while Binance remains a prominent venue for launching new tokens, the mixed performance of these listings highlights the volatility and challenges within the cryptocurrency market.
Geopolitical conflict rattles markets, but history shows panic selling crypto in response is usually the wrong move.
The U.S. Department of Justice has sentenced Dwayne Golden, 57, of Pennsylvania to 97 months in prison for orchestrating a fraudulent crypto investment scheme that stole over $40 million from investors.
Snorter Token ($SNORT) is a new meme coin and utility token designed to enhance crypto trading with its Telegram-native trading bot, Snorter Bot. This bot is equipped with sniping capabilities, copy trading, and swap functionalities, offering traders the ability to profit from the volatile crypto markets. As the presale has garnered significant attention, raising over […]
Bitcoin-focused investment firm Strategy Inc. (formerly MicroStrategy) is facing mounting legal pressure as at least five law firms have filed class-action lawsuits over the company’s $6 billion in unrealized Bitcoin losses.