Binance has had a significant impact on the cryptocurrency market this year by focusing on meme coins, listing 15 new meme coin projects since the beginning of the year.
These tokens, largely popularized by community hype, have seen a significant increase in market interest after being listed on the world’s largest cryptocurrency exchange.
According to the data, 80% of the listed meme coins have seen significant increases in market capitalization. Some, such as 'First Neiro on Ethereum,' have experienced substantial price increases. NEIRO rose 7,594% after being listed on Binance, becoming one of the best-performing coins in the meme coin sector this year.
A closer look at the data
Of the 15 meme coins listed by Binance this year, 60% are deployed on the Solana network. Meanwhile, 26.7% of the listed coins are based on Ethereum, with smaller portions hosted on Binance Smart Chain (BSC) and Base.
This distribution reflects the current meme coin ecosystem, where Solana has emerged as an important platform.
Interestingly, Binance's approach to listing meme coins is quite cautious. Only 5 out of the 15 coins are listed for both spot and futures trading.
Market Capitalization Growth
All meme coins listed this year on Binance have exceeded a market capitalization of $100 million. The largest market cap belongs to WIF, currently boasting a valuation of $2.51 billion. On the other end of the spectrum, 'Neiro Ethereum' holds the smallest market cap at $102 million.
With 80% of the listed tokens experiencing significant growth post-listing, Binance's platform plays a crucial role in driving the prices of these tokens higher.
An interesting trend in this year's meme coin offerings is the popularity of 'Zoo Series' coins—tokens named and branded with animal themes. These coins account for over 80% of the meme projects that Binance has listed so far in 2024. From the emergence of BONK, MOG, and MYRO, animal-themed meme coins have captured the attention of the cryptocurrency community.
