Binance, one of the world’s largest cryptocurrency exchanges, saw notable price increases for most of the memecoins it listed in 2024. On Nov. 11, pseudonymous onchain analyst Ai_9684xtpa shared insights on X, noting impressive growth across several of these tokens following their Binance listings.
Among the 15 memecoins Binance listed this year, 12 experienced substantial price gains after going live on the platform. Notably, Moo Deng (MOODENG) and Popcat (POPCAT) appreciated over 200%, while Neiro (NEIRO) skyrocketed by nearly 7,600%. However, not all memecoins flourished; Mog Coin, Myro, and Book of Meme showed slight declines, with MYRO dropping by 33.3%, MOG by 11.8%, and BOME by 1.28%.
The analysis, shared on Nov. 11, reflects memecoin performances in 2024. These tokens showed large initial price spikes shortly after their Binance listings, highlighting the platform’s influence on trading volume and investor interest in niche assets.
Most of the memecoins on Binance are based on the Solana blockchain, representing 60% of the listings. Another 26.7% are built on Ethereum, with the rest distributed between Binance’s BNB Smart Chain and the Base network. Only five of the listed memecoins are available for both spot and futures trading, reflecting Binance’s cautious approach toward full market availability.
The popularity of memecoins is largely driven by community interest and viral appeal rather than intrinsic market value. The analyst observed that Binance doesn’t appear to have stringent market value criteria for memecoin listings, suggesting that popularity and community support are likely factors for selection. Conversely, Trump-themed memecoins saw a steep decline after Trump’s U.S. presidential victory on Nov. 7, with tokens like MAGA (TRUMP) dropping by 53% and MAGA Hat (MAGA) by 55%.
The data shows that a Binance listing can lead to rapid price appreciation for memecoins, driven by the platform’s large user base and trading activity. However, the fluctuating prices reflect the volatility of memecoins, which are often susceptible to hype cycles. As Trump-themed memecoins experienced steep losses, it highlights the unpredictable nature of these tokens, which can both surge and collapse based on market sentiment and current events.
