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Nearly every token Binance listed in 2024 is now bleeding red — Coin98

Nearly every token Binance listed in 2024 is now bleeding red — Coin98

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Source: Coin Telegraph

Part of the problem is the airdrop model for token distributions, which has grown in popularity in recent years.

Of the 30 tokens listed by cryptocurrency exchange Binance in 2024, all but one are in the red—and most are down badly, according to a post by crypto researcher Coin98 Analytics on the X social media platform. 

The sole exception is Jupiter’s native token, JUP, which has risen 21.2% since listing on Jan. 31 and now has a fully diluted value (FDV) of some $8 billion. FDV is a measure of market capitalization assuming a token’s entire supply is circulating at current trading prices.

Launched in January, Jupiter is a Solana-based decentralized exchange that has attracted upward of $610 million in total value locked (TVL), according to DefiLlama. Its Jan. 31 airdrop was the largest in Solana’s history, with some $700 million worth of JUP tokens distributed to around 1 million wallets.

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Author: Alex O’Donnell