The cryptocurrency market continues to evolve rapidly, but a recent report from Animoca Research sheds light on a troubling trend for new token projects: significant price declines following their listing on centralized exchanges (CEXs). Between January and September 2024, newly listed tokens across five major exchanges experienced an average price drop of 49%, raising concerns about post-listing sustainability and investor returns.
This comprehensive analysis evaluated 773 token listings across Binance, Bitget, Bybit, KuCoin, and OKX, offering valuable insights into market dynamics, exchange strategies, and factors influencing post-listing performance. The findings underscore the importance of supply management, exchange selection, and market timing for project teams and investors alike.
Post-Listing Performance Across Major Exchanges
Despite the allure of reaching broader audiences through CEX listings, the data reveals a harsh reality — most tokens struggle to maintain value after launch. The median price returns ranged from -40% to -70%, indicating widespread depreciation within months of listing.
👉 Discover how top exchanges influence token success after launch.
Among the platforms analyzed:
- Bybit recorded the worst performance with an average return of -50.2% and a median decline of -70.4%.
- KuCoin followed closely behind, posting a median loss of -66.1% and an average drop of -48.3%.
- Bitget, despite its aggressive listing strategy (339 tokens), saw average and median losses of -46.5% and -65.9%, respectively.
- OKX demonstrated stronger resilience, with average and median losses of -27.3% and -40.6%, making it the best-performing exchange in terms of price stability.
- Binance, known for its selective approach, listed only 44 tokens — the second-lowest count — and recorded an average loss of -27%, slightly better than OKX, though its median loss reached nearly -50%.
Interestingly, while most tokens declined, a small fraction delivered strong gains. Binance’s positive-return listings averaged a remarkable 108.4% profit, the highest among all exchanges, with a median gain of 53.5%. Bitget and Bybit also saw profitable listings surpass the 100% return threshold, suggesting that while risk is high, exceptional outcomes are still possible under the right conditions.
Exchange Listing Strategies: Conservative vs. Aggressive Approaches
The contrast in listing volumes highlights differing philosophies across exchanges:
- Binance and OKX maintained conservative strategies, listing 44 and 47 tokens respectively by Q3 2024. This selectivity may contribute to better overall performance due to stricter vetting processes.
- Bybit and KuCoin adopted moderate approaches, with 155 and 188 listings, reflecting balanced growth ambitions.
- Bitget pursued an aggressive expansion model, launching 339 new tokens — more than double the next highest — which may have diluted attention and liquidity across assets.
March and April 2024 emerged as peak listing months, likely driven by bullish market sentiment earlier in the year. However, many of these tokens failed to sustain momentum post-launch, reinforcing the idea that timing alone isn't enough to ensure long-term success.
Why Supply Dynamics Matter: The MC/FDV Ratio Explained
One of the most insightful findings from the report centers around the market cap to fully diluted valuation (MC/FDV) ratio, a critical metric for assessing token supply health.
The MC/FDV ratio ranges from 0 to 1:
- A low ratio (e.g., 0.1–0.3) suggests a large portion of tokens are locked or not yet circulating, potentially leading to future sell pressure.
- A ratio around 0.5 indicates a balanced distribution — enough tokens in circulation to establish market presence without excessive inflation risk.
👉 Learn how token supply impacts long-term investment value.
The report found that tokens with an MC/FDV ratio between 0.4 and 0.6 performed best after listing. These assets tend to attract more investor interest because they signal maturity, controlled inflation, and realistic growth trajectories.
Binance’s superior average returns can be partly attributed to its focus on listing tokens within this optimal range. In contrast, exchanges with looser criteria often list projects with lower MC/FDV ratios, increasing vulnerability to dumps when large volumes of unlocked tokens enter the market.
Profitability Insights: Who’s Actually Making Money?
While average losses dominate headlines, profitability among top performers tells a different story:
- OKX had the highest proportion of profitable listings — 27.6% of its 47 tokens generated positive returns — though average gains were modest at 39.5%.
- Binance had fewer winners (only 7 profitable listings), but those delivered explosive returns: 108.4% average gain, the highest in the study.
- Bitget and Bybit both exceeded 100% average returns among winning tokens, showing that aggressive platforms can still produce standout successes.
- KuCoin ranked fourth in profitability, with 25 profitable tokens averaging 77.8% returns.
These figures suggest that while risks are high, selecting the right exchange and project fundamentals can lead to substantial rewards.
👉 Explore strategies to identify high-potential tokens before exchange listing.
Frequently Asked Questions (FAQ)
Why do most new tokens drop after CEX listing?
Several factors contribute: speculative pre-listing pumps, profit-taking by early investors, lack of sustained demand, poor project fundamentals, or excessive circulating supply post-unlock. Market sentiment and broader crypto trends also play a role.
Which exchange offers the best post-listing stability?
Based on the Animoca Research report, OKX showed the strongest resilience with average and median losses significantly lower than competitors like Bybit and KuCoin.
What is the MC/FDV ratio and why does it matter?
The Market Cap / Fully Diluted Value ratio measures how much of a token’s total supply is currently circulating versus its maximum potential valuation. A ratio near 0.5 often indicates healthy supply distribution and is linked to better post-listing performance.
Are there any profitable token listings in 2024?
Yes — despite widespread declines, some tokens achieved over 100% returns, especially on Binance, Bitget, and Bybit. However, these cases remain in the minority.
Does listing volume affect token performance?
Evidence suggests that exchanges with lower listing volumes (like Binance and OKX) tend to have better average performance, likely due to stricter quality control and reduced market saturation.
How can investors protect themselves when buying newly listed tokens?
Investors should analyze the project’s roadmap, team credibility, tokenomics (especially unlock schedules), MC/FDV ratio, and exchange reputation before investing. Diversification and risk management are essential given the high volatility.
Final Thoughts
The 2024 landscape for new token listings paints a cautionary picture: visibility doesn’t guarantee value. With an average decline of 49% post-listing, investors must look beyond exchange announcements and focus on fundamental metrics like supply distribution and market readiness.
Exchanges like Binance and OKX demonstrate that selectivity pays off — both in performance stability and investor trust. Meanwhile, projects aiming for CEX listings should prioritize sustainable tokenomics over rapid exposure.
As the market matures, data-driven decisions will separate successful investments from short-lived speculation.
Core Keywords: new token listings, CEX listing performance, MC/FDV ratio, post-listing price drop, centralized exchange tokens, tokenomics analysis, crypto investment strategy, exchange listing trends