Research: Performance of Coin Listings of Top Five Exchanges, including Binance and OKX, in the First Three Quarters

Author: Animoca Digital Research; Compiler: Felix, PANews

Animoca Digital Research released a research report, looking at the data on the exchanges of Binance, OKX, Bitget, KuCoin and Bybit. The currency situation was explained. The report details are as follows:

Coin Listing Performance Overview

This year, leading exchanges have adopted different strategies for listing.

Binance and OKX are more selective among mainstream exchanges, with only 44 and 47 tokens listed respectively so far this year.

In sharp contrast, Bitget has adopted a more aggressive listing strategy, with 339 listed tokens, far exceeding its competitors and significantly increasing its market share in 2024.

So far this year, both KuCoin and Bybit exchanges have listed more than 150 tokens.

The average return rate of each exchange

Since the beginning of the year, the average return rate of most exchanges has been negative, and Bybit's average return rate has dropped the most, to -50.20%.

KuCoin follows closely behind with an average return of -48.30%, while Bitget’s average return is -46.50%

In comparison, Binance and OKX performed relatively well Better, with average returns of -27.00% and -27.30% respectively. This suggests that Binance and OKX have implemented a more effective selective listing strategy, with token prices performing relatively well in a challenging altcoin market environment.

List the number of coins listed by month

In view of the favorable market conditions at the beginning of the year, March and April became the peak of the listing activities of various exchanges, especially Bitget, Bybit and KuCoin, with a significant number of listings surge. In April, the total number of online listings peaked at 133, while August saw the lowest number of listings at 44. Since April, the number of listings on most exchanges has been steadily declining until August.

Total token trading volume in the first month after launch

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

MC/FDV Ratio and Average Token FDV

MC/FDV (ratio of market capitalization to fully diluted valuation) is a key indicator for evaluating the floating market value of a token relative to its total valuation. Analyzing the rankings shows that projects with lower float ratios tend to drive up their valuations.

For Binance, tokens in the 0.4 to 0.6 range account for the largest share of fully diluted valuations at launch. This is mainly due to the recent launches of TON, BANANA and XAl. Meanwhile, tokens in the 0 to 0.4 range, such as TAO, JUP, ENA, and ZRO, also contribute significantly to the overall FDV.

OKX has higher token concentration in the ranges of 0.6 to 0.8 and 0 to 0.2. Notable high FDV listing tokens so far this year include JUP, ONDO, ZRO, STRK, and ZK.

The remaining three exchanges listed tokens with lower FDV, reflecting the diversification of their token selection strategies, and may also be due to Binance and OKX lagging in listing high FDV tokens.

The number of listed tokens with different MC/FDV ratios

When analyzing the distribution of tokens with different MC/FDV ratios, a noteworthy trend emerged: most tokens tend to As the MC/FDV ratios cluster at very high or low levels, so does the flow percentage.

Interestingly, the coins with the highest valuations are those in the mid-MC/FDV range. This shows that having a token show both established market share and growth potential will tend to attract greater interest from investors.

Trading volume by exchange and launch month

Previous 24-hour trading volume trend (by exchange and launch month)

First month trading volume Trend (by exchange and launch month)

First 24 hour/first month trading volume (by exchange and listing month)

First day trading activity:

After going online, the trading volume in the first 24 hours usually 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 being driven by CATl and HMSTR tokens, while KuCoin has shown stronger engagement in previous months.

Trading Volume:

Among the 5 exchanges, Binance leads the market in both first 24 hours and first month average trading volume, followed by OKX. For Binance, April is the peak of average first-day trading volume, while May is the peak of first-month trading volume. Both volume measures reached their lowest point in July and partially recovered in August and September. A similar downward and recovery trend can be observed in OKX.

The closing price on the first day and the  ATH price (by exchange and launch month)

Average time from launch to ATH (calculated by exchange and launch month)

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Average ATH ROl by exchange and launch month

ATH ROI % (Average percentage change between ATH and listing price)

Listing performance:

According to the ratio of ATH price to the first day price, Bybit and Bitget has the highest average ATH ROl between April and July. Meanwhile, Binance was the fastest of the five exchanges to reach all-time highs (ATH) between January and March, a period that saw Bitcoin’s price fluctuate wildly.

Shift in market greed:

When BTC price rises significantly, the number of days to reach ATH decreases, possibly due to investor interest in newly launched tokens between January and March Due to increased interest, BTC experienced significant price fluctuations during this period.