Are New Altcoins Listing On Exchanges Like Binance Profitable? This Crypto Researcher Has The Answer
The post Are New Altcoins Listing On Exchanges Like Binance Profitable? This Crypto Researcher Has The Answer appeared on BitcoinEthereumNews.com.
A crypto and macro researcher identified as “Flow” on X (formerly Twitter) has provided a detailed review of the profitability of new altcoins listed on Centralized Exchanges (CEX) such as Binance. The researcher disclosed that prominent exchanges like Binance have experienced a significant decline in the value and performance of new tokens listed on their platform. 80% New Listed Altcoins On Binance Are Down Reports from Flow suggest that new tokens listed on CEXs’ are not as profitable as they once were. Highlighting all the listed tokens on Binance from the past six months, the crypto researcher noted that 80% of these new altcoins have declined massively, with their value falling below their initial listing price. Most of these tokens were listed on Binance from November 2023 to May 2024. New tokens like BLUR, which was integrated on November 24, 2023, plummeted considerably, recording a 45.6% decrease in performance. Source: X On the other hand, excluding two altcoins, all tokens listed from the beginning of 2024 have declined. The most significant drop was recorded by a token called PORTAL, which decreased 69.2% from its listing date on February 20, 2024. Only four cryptocurrencies recorded significant gains from the 32 newly listed tokens on Binance. Meme coins like Ordinals (ORDI) and Dogwifhat (WIF) experienced the largest gains, 261.9%,i and 117.69%, respectively. At the same time, others like Jito (JTO) and Jupiter (JUP) saw gains above 50%. Flow has disclosed that if investors had diversified their portfolios by investing equal amounts in each of Binance’s newly listed tokens, they would have suffered a significant 18% decline over the past six months. The macro researcher noted that when tokens launch at an elevated Fully Diluted Valuation (FDV), they tend to depreciate, ultimately underperforming. He disclosed that most of the tokens listed on Binance…
Filed under: News - @ May 19, 2024 12:20 am