Researcher Flow’s statistics show that among all new cryptocurrencies listed on the exchange Binance in the past 6 months, over 80% of tokens have experienced a decrease in price compared to their listing prices, with only five tokens achieving growth.
(Background:
Meme coins are taking the lead, but where is the altcoin season? Why are retail investors and institutions not picking up each other’s slack?)
In the past 6 months, Binance has listed new tokens, but only five of them have achieved growth. According to Flow, a cryptocurrency researcher, more than 80% of these new tokens have experienced a decrease in price compared to their listing prices. The five tokens that have achieved growth are: Meme token MEME (8.5%), Bitcoin scripture ORDI (+261.9%), JUP (+58.46%) and JTO (+62.08%) from the Solana ecosystem, and WIF (+117.69%) on Solana.
Flow commented on this, stating that the overall market lacks upward momentum.
Blockchain expert and author of the book “NFT: From Zero to Hero,” Anndy Lian, also expressed his opinion on the matter, stating that the current market environment is full of challenges. Lian further added that meme coins have become a hot spot for retail investor investment recently.
Furthermore, it is worth noting that while Bitcoin has reached new all-time highs multiple times, most of the top 10 mainstream tokens have not reached the levels seen in the bull market of 2021.
ETH’s upward momentum is weak due to ecological innovation stagnation and the SEC’s ambiguous attitude towards Ethereum spot ETFs, which has caused Ethereum to not have a large-scale breakthrough in this bull market and even fall to lows in exchange rates with Bitcoin multiple times.
BNB’s new coin mining has caused its token price to continuously rise, breaking the $600 mark multiple times, but it is still a short distance away from its all-time high.
SOL has made a comeback. Solana, which was greatly affected by the collapse of the FTX exchange, has seen its token price rise from tens of dollars last year to the current $170 due to its prosperous development ecosystem, including Saga phones and the meme coin craze.
TON has become a dark horse public chain. Backed by the massive communication software Telegram, TON has been making frequent moves this year, not only collaborating with Telegram multiple times but also attracting attention with its ecosystem development. Its token price has increased several times compared to Q4 of last year, making it the only project among the top 10 tokens to achieve a breakthrough in all-time highs.
Other public chains such as XRP and AVAX have also underperformed, with limited ecosystem development and token prices even lower than last year.
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