Cryptocurrency exchange Binance saw significant price increases for several memecoins listed on its platform in 2024.
On November 11, pseudonymous onchain analyst Ai_9684xtpa x.com/ai_9684xtpa/status/1855799519235223558″ rel=”nofollow noopener” target=”_blank” text=”null” title=”https://x.com/ai_9684xtpa/status/1855799519235223558″>aware in x that among the 15 memecoins listed by Binance in 2024, 12 experienced significant increases in their value after going live on the exchange.
Memecoins such as Moo deng (MOODENG), Dogwifhat (WIF) and Popcat (POPCAT) saw their prices appreciate more than 200% after their listing on Binance, with the Neiro memecoin (NEIRO) rising almost 7,600% after going live on the exchange.
Memecoins listed on Binance in 2024. Source: x.com/ai_9684xtpa/status/1855799519235223558″ rel=”null” target=”null” text=”null” title=”https://x.com/ai_9684xtpa/status/1855799519235223558″>ai
While many of the listed tokens experienced price increases, some experienced drops. Mog Coin (MOG), Myro (MYRO), and Book of Meme (BOME) showed slight depreciation after their listings on Binance.
MYRO saw a price decline of 33.25%, while MOG and BOME declined by 11.78% and 1.28%, respectively.
Most listed memecoins are on the Solana blockchain
The onchain analyst also highlighted that 60% of the memecoins listed on Binance in 2024 were based on the Solana blockchain. Another 26.7% was on ethereum, and the rest was split between Binance's BNB Smart Chain and the Base network.
Among the memecoins listed on the exchange, only five are available in spot and futures trading. The onchain analyst believes that Binance is relatively cautious on spot listings.
Based on the data, the on-chain analyst concluded that Binance does not appear to have a market value requirement to list memecoin. However, the analyst said that a common denominator between memecoins is their popularity and communities.
Related: FTX Bankruptcy Estate Files $1.8 Billion Lawsuit Against Binance and CZ
Trump memecoins fall after election victory
While the cryptocurrency market continues to show gains, Donald Trump-themed memecoins appear to have lost their appeal.
On November 7, Trump-themed memecoins crashed after the president-elect's victory in the US presidential election. The MAGA token (TRUMP) plummeted 53% on November 7, while the MAGA Hat memecoin (MAGA) fell 55%. Other Trump memecoins decreased in value between 50% and 75%.
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