Binance’s 2024 Memecoin Mania: Price Surges, Declines, and Trends

In 2024, Binance, one of the world’s leading cryptocurrency exchanges, has witnessed significant price movements among the memecoins listed on its platform. A recent analysis shared by the pseudonymous on-chain expert, Ai_9684xtpa, revealed that 12 out of 15 memecoins listed on Binance this year saw substantial price increases post-listing. The price gains have varied significantly, but some tokens have seen explosive growth.

Several memecoins that debuted on Binance experienced impressive surges. Tokens like Moo deng (MOODENG), Dogwifhat (WIF), and Popcat (POPCAT) saw their prices soar by over 200%. However, the standout performer was Neiro (NEIRO), which exploded in value by an astounding 7,600% following its listing. These astronomical gains show the continued speculative nature of memecoins and the hype surrounding their releases.

Despite the overall trend of price increases, not all memecoins had a positive post-listing performance. Mog Coin (MOG), Myro (MYRO), and Book of Meme (BOME) all experienced slight depreciation. MYRO faced a notable 33.25% drop, while MOG and BOME saw decreases of 11.78% and 1.28%, respectively. This highlights the volatility of the memecoin market, where hype can drive prices up, but not all tokens maintain that momentum in the long term.

Solana Dominates: Most Memecoins Are Built on Its Blockchain

Another interesting insight from the on-chain analysis is the dominance of the Solana blockchain among Binance’s listed memecoins. In fact, 60% of the 2024 memecoin listings are based on Solana. Ethereum comes second with 26.7%, while the remaining tokens are split between Binance’s own BNB Smart Chain and the Base network. Solana’s scalability and low transaction fees appear to make it an attractive choice for memecoin projects looking to launch on a major exchange.

While Binance has been active in listing memecoins, only a select few have made their way onto the platform’s spot and futures markets. According to the analyst, Binance appears cautious when it comes to spot listings, with just five memecoins currently available for spot and futures trading. This suggests that while Binance is willing to list memecoins, it is exercising discretion and taking a more measured approach compared to the speculative fervor seen on other exchanges.

One of the more intriguing findings from the analysis is the observation that Binance does not seem to impose a market value requirement for listing memecoins. Instead, the common denominator for these tokens appears to be their popularity and the strength of their community. This suggests that Binance may be prioritizing coins with strong, active user bases rather than focusing purely on the financial market cap of these tokens.

The Fall of Trump-Themed Memecoins

While memecoins in general have seen explosive gains in 2024, there has been a notable shift in the market following the United States presidential election. Trump-themed memecoins—which surged in popularity during the campaign season—experienced dramatic losses after Donald Trump’s election win on November 7. MAGA (TRUMP) dropped by 53%, while MAGA Hat (MAGA) saw a 55% decrease. Other Trump-themed tokens lost between 50% to 75% of their value. This decline underscores the fickle nature of meme-driven markets, where political or cultural events can have a sudden and substantial impact on token prices.

The memecoin market continues to captivate cryptocurrency enthusiasts, with platforms like Binance leading the charge in listing and trading these often unpredictable tokens. While some memecoins have delivered incredible returns, others have failed to maintain their initial hype. As Binance continues to add more memecoins, investors will need to stay vigilant and cautious, keeping an eye on both the community-driven excitement and the underlying volatility that defines this unique corner of the crypto world.