Almost every token listed in 2024 is now bleeding red – Coin98
In the year All but one of the 30 tokens listed on cryptocurrency exchange Binance in 2024 are in the red — and most of them are pretty bad, according to an analysis by crypto researcher Coin98 posted on the X social media platform.
The only exception is Jupiter's native token JUP, which is up 21.2% since January 31 and now has a fully discounted value (FDV) of $8 billion. FDV is a measure of market capitalization and the total supply of tokens being distributed at the current trading price.
Launched in January, Jupiter is a decentralized exchange based on Solana, which will increase the total value locked (TVL) to $ 610 million, according to Defillama. The January 31 airdrop was the largest in Solana's history, with approximately $700 million worth of JUP tokens distributed to 1 million wallets.
The rest of Binance's 2024 token listings have declined since launch, with most down by at least 50%. The worst performer so far has been AEVO, the native token of Evo, which has fallen more than 90% since listing in March.
RELATED: Airdrop token prices are collapsing – does Web3 need a new model?
Aevo is a decentralized exchange that executes transactions on a custom layer-2 blockchain network and settles transactions on Ethereum. The protocol's March token listing—as well as its airdrop—has been controversial, with some users feeling it has been changed.
Part of the problem is airdrops as a distribution model. Tokens distributed in massive airdrops have lost value since the first listing day, sometimes worse. In addition, methods for determining air droplet classifications are often unclear, which leads to frustration.
Jonathan Joseph, founder of SmartFunds, told Cointelegraph that “when the airport comes around, people feel short-changed because the number of points doesn't necessarily have any correlation” to how many tokens they receive.
The recent crash in the cryptocurrency markets wiped out about $510 billion in market capitalization on August 5.
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