Out of the 30 tokens Binance listed year to date, only one managed to stay in the green, while the rest are deep in the red. Most of these tokens have taken a nosedive, as shared by crypto researcher Coin98 Analytics on X.
The recent downturn in cryptocurrency markets, which wiped out around $510 billion in market capitalization on August 5, has intensified the pressure on token values, deepening the declines seen among Binance’s 2024 listings.
The only winner amid the 2024 Binance listings is Jupiter’s native token, JUP, which has rocketed by 21.2% since its debut on January 31. With a fully diluted valuation (FDV) soaring to around $8 billion, JUP stands tall in a sea of red. FDV reflects the market cap if all tokens were in circulation at current prices.
Launched in January, Jupiter operates as a decentralized exchange on the Solana blockchain, already locking in over $610 million in total value (TVL), according to DefiLlama. Adding to its stellar journey, Jupiter’s airdrop on January 31 marked the largest in Solana’s history, distributing about $700 million worth of JUP tokens to nearly 1 million wallets.
Despite Jupiter’s success, the rest of Binance’s 2024 token listings have fared poorly, with many seeing declines of over 50%. The worst performer so far is Aevo’s native token, AEVO, which has plummeted more than 90% since its listing in March.
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The sharp declines in these token values highlight problems with using airdrops as a distribution method. Many tokens distributed through sizable airdrops have seen their values drop after listing. The processes for determining airdrop allocations are often not transparent, causing dissatisfaction among recipients.
Interestingly, the US securities regulator retracted its request for a court ruling to classify specific tokens named in its lawsuit against Binance as securities.
On July 30, the SEC filed a response to the court’s minute order from July 9, 2024. In this filing, the SEC stated it seeks to amend its complaint concerning the “Third Party Crypto Asset Securities” as defined in its opposition to Binance’s motion to dismiss. According to the SEC, this change eliminates the need for the court to issue a ruling on the status of these tokens as securities at this time.
