Author: Animoca Digital Research
Compiled by: Felix, PANews
Animoca Digital Research released a research report analyzing the listing activities of the five major exchanges: Binance, OKX, Bitget, KuCoin, and Bybit, from a data perspective. The details of the report are as follows:
Overview of listing performance
This year, leading exchanges have adopted different strategies for listing tokens.
Binance and OKX are more selective among mainstream exchanges, having only listed 44 and 47 tokens, respectively, so far this year.
In stark 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, KuCoin and Bybit have both listed over 150 tokens.
Average return rates for each exchange
Year-to-date, average returns for most exchanges are negative, with Bybit experiencing the largest decline at -50.20%.
KuCoin follows closely with an average return of -48.30%, while Bitget's average return is -46.50%
In comparison, Binance and OKX performed relatively well, with average returns 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.
Number of tokens listed per month
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 the number of listings in August was the lowest 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 of listing
The above chart shows the 30 tokens with the highest trading volume so far this year. ENA leads, with trading volume in the first month exceeding $15 billion. Among the popular meme tokens, trading activity for BOME, NElRO, and WIF has significantly increased, while tokens like ZRO, TON, and lO saw trading volumes ranging from $1 billion to $5 billion in the first month.
MC/FDV ratio vs average token FDV
MC/FDV (market cap to fully diluted valuation ratio) is a key indicator for assessing the fluctuating market cap of tokens relative to their total valuation. Analysis rankings show 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 valuation upon listing. This is primarily due to the recently listed TON, BANANA, and XAl. Simultaneously, tokens in the range of 0 to 0.4, such as TAO, JUP, ENA, and ZRO, 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. Notably, high FDV listed tokens this year include JUP, ONDO, ZRO, STRK, and ZK.
The remaining three exchanges have listed tokens with lower FDV, reflecting a diversification in their token selection strategy, which may also be due to Binance and OKX lagging in listing high FDV tokens.
Number of listed tokens with different MC/FDV ratios
A noteworthy trend emerged when analyzing the distribution of tokens with different MC/FDV ratios: most tokens tend to cluster at extremely high or low MC/FDV ratios, and the same applies to the circulating percentage.
Interestingly, the tokens with the highest valuations are those in the middle range of MC/FDV. This suggests that tokens demonstrating established market share along with growth potential tend to attract greater investor interest.
Trading volume categorized by exchange and listing month
Trading volume trend in the first 24 hours (by exchange and listing month)
Trading volume trend in the first month (by exchange and listing month)
Trading volume in the first 24 hours/first month (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 CATl and HMSTR tokens, while KuCoin demonstrated stronger participation in the preceding months.
Trading volume:
Among the five exchanges, Binance leads the market in average trading volume in the first 24 hours and the first month, followed by OKX. For Binance, April is the peak for average trading volume on the first day, while May is the peak for the first-month trading volume. These two volume metrics hit their lowest point in July and partially recovered in August and September. A similar decline and recovery trend can be observed in OKX.
First-day closing price vs ATH price (by exchange and listing month)
Average time from listing to ATH (calculated by exchange and listing month)
Average number of days for newly listed tokens to reach all-time high (ATH)
Average ATH ROI categorized by exchange and listing month
ATH ROI % (average percentage change between ATH and listing price)
Listing performance:
In terms of the ratio of ATH price to first-day price, Bybit and Bitget had the highest average ATH ROI from April to July. Meanwhile, Binance was the fastest among the five exchanges to reach a new all-time high (ATH) from January to March, during a period of significant price fluctuations for Bitcoin.
Shift in market greed:
When BTC prices rise significantly, the number of days to reach ATH decreases, which may be due to increased investor interest in newly listed tokens during January to March, a period when BTC experienced significant price fluctuations.
