The latest research report from Animoca Brands Research offers a comprehensive analysis of newly listed cryptocurrencies on major exchanges between January and September 2024. By examining listing performance, market dynamics, and tokenomics, the study reveals critical insights into the evolving altcoin landscape.
Focusing exclusively on centralized exchanges (CEX) such as Binance, OKX, Bitget, Bybit, and Kucoin, the report evaluates 773 new token listings during this period. The findings highlight a troubling trend: despite high listing volumes, the average return on investment (ROI) across these platforms is largely negative—ranging from -27% to -50%.
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Centralized Exchange Listing Performance in 2024
The year began with a surge in new listings, particularly during Q1—a period marked by strong Bitcoin bullish momentum. Notably, 37% of all new tokens were introduced in the first quarter alone. April stood out as the most active month, recording 133 individual listings.
Among the exchanges analyzed, Bitget led with 339 new tokens, followed by Kucoin (188), Bybit (155), and more selective platforms like Binance and OKX. This contrast underscores differing listing philosophies: while some prioritize volume and accessibility, others emphasize quality and long-term viability.
Despite the initial excitement surrounding new launches, performance data paints a sobering picture:
- Binance: Only 7 out of 44 listed tokens achieved an average gain of 108%, while 37 declined by an average of 52.7%.
- Bitget: Of 339 tokens, just 40 saw price increases; the remaining 299 dropped by an average of 66%.
- Bybit: Showed the highest positive median return but also the worst negative average at -70%.
- Kucoin: Despite its reputation as a "gem hunter" platform, 163 of its listings performed poorly.
- OKX: Emerged as the relative leader in proportional performance, though average price growth remained below 39.5%.
These figures suggest that even on top-tier exchanges, most new tokens fail to sustain post-listing momentum.
"Liquidity is concentrating in large-cap assets, while alts struggle to find momentum. Capital is risk-off."
— Benny (@bennythequant), October 28, 2024
This shift reflects broader investor sentiment favoring stability over speculation—a trend amplified by increasing Bitcoin dominance.
Market Fragmentation and Altcoin Underperformance
One of the key challenges identified by Animoca Brands is market fragmentation. With over 2.4 million cryptocurrencies in existence, the digital asset space has become overwhelmingly saturated. Centralized exchanges continuously cycle through new tokens, delisting older projects to make room for fresh ones.
This oversupply leads to fragmented liquidity, where capital is thinly spread across countless altcoins. As a result, even promising projects struggle to gain traction. Unlike earlier years when entire sectors—such as DeFi or NFTs—moved in tandem during bull runs, today's market shows only isolated cases of success.
Moreover, many project teams adopt token models with low circulating supply and high fully diluted valuation (FDV) to reward early investors and insiders. While this strategy once fueled rapid price appreciation due to low market capitalization, it now often backfires in a mature, risk-averse market.
Another contributing factor is Bitcoin’s growing dominance, which rose from 51.5% to 57.5% between January and September 2024. This uninterrupted uptrend since December 2022 has drawn capital away from altcoins, reinforcing BTC as the preferred store of value amid uncertainty.
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MC/FDV Ratio: A Key Indicator for Token Viability
A particularly insightful section of the report examines the market cap (MC) to fully diluted valuation (FDV) ratio—a metric that helps assess token distribution health and growth potential.
- On Binance, most listings fall within the 0.4–0.6 MC/FDV range, driven by established projects like BANANA, TON, and XAI.
- OKX shows concentration in two bands: 0–0.2 and 0.6–0.8, featuring assets such as ZK, JUP, ONDO, ZRO, and STRK.
- Bybit, Bitget, and Kucoin generally list tokens with lower FDVs, indicating different selection criteria focused on earlier-stage projects.
Notably, very few tokens launched with an MC/FDV ratio of 1—meaning their circulating supply equals fully diluted supply. Today, only certain memecoins exhibit this trait, positioning themselves as scarce digital assets free from inflationary pressures.
Interestingly, the highest valuations tend to occur at mid-range MC/FDV levels. This suggests investors favor a balanced approach: tokens that have demonstrated real-world utility and community support but still offer room for growth.
Why This Matters for Investors
For retail and institutional investors alike, understanding these dynamics is crucial. A high FDV with low circulating supply can create misleading impressions of affordability. For example, a token priced at $0.01 may seem cheap—but if billions more tokens will unlock in the coming months, its true cost basis could be far higher.
Therefore, savvy investors are increasingly scrutinizing tokenomics before participating in new listings. Projects with transparent vesting schedules, sustainable emission models, and strong use cases are more likely to outperform speculative launches.
Frequently Asked Questions (FAQ)
Q: What does MC/FDV ratio indicate about a cryptocurrency?
A: The market cap to fully diluted valuation ratio shows how much of a token’s total supply is currently in circulation. A low ratio (e.g., below 0.3) suggests significant future sell pressure from unlocked tokens, while a higher ratio indicates more stability.
Q: Why are most new crypto listings underperforming in 2024?
A: Multiple factors contribute: excessive market fragmentation, poor tokenomics, lack of liquidity distribution, and investor preference for Bitcoin over altcoins during risk-off periods.
Q: Which exchange had the best-performing new listings?
A: OKX showed relatively stronger performance based on proportions of successful listings, though average gains were still modest at under 40%.
Q: Are memecoins an exception to the negative trends?
A: Some memecoins perform well due to strong communities and scarcity mechanics (MC = FDV), but they remain highly speculative and volatile compared to utility-driven projects.
Q: How has Bitcoin dominance affected altcoin performance?
A: Rising Bitcoin dominance signals a flight to safety. As BTC absorbs more market capitalization, altcoins receive less investment attention and liquidity, leading to weaker price action.
Q: Should investors avoid new exchange listings altogether?
A: Not necessarily. While most fail, selective opportunities exist—especially on platforms like Binance and OKX that list more vetted projects. Thorough research into team credibility, tokenomics, and product maturity remains essential.
Final Thoughts
The Animoca Brands report serves as a timely reminder that not all exchange listings are created equal. In a crowded and competitive market, quality trumps quantity. Investors must go beyond hype and examine fundamentals—especially token distribution models and alignment with macro market trends.
As the crypto ecosystem matures, we’re seeing a clear separation between speculative launches and sustainable blockchain projects. Those who adapt their strategies accordingly will be better positioned to navigate the next phase of digital asset evolution.
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