- Most memecoins listed on Binance in 2024 saw substantial price gains following their launch.
- Major gainers included Moo Deng, Dogwifhat, and Popcat, with Neiro spiking nearly 7,600%.
- Trump-themed tokens dropped 50%-75% in value post-election, reversing prior market trends.
Several memecoins listed on the cryptocurrency exchange Binance witnessed notable price increases after launching on the platform this year. A Nov. 11 post from a pseudonymous onchain analyst, Ai_9684xtpa, noted that of the 15 Binance-listed memecoins in 2024, 12 showed marked price gains after becoming available on the exchange.
Notable memecoins such as Moo Deng (MOODENG), Dogwifhat (WIF), and Popcat (POPCAT) each saw price increases exceeding 200%. Neiro (NEIRO) showed a striking rise, surging by nearly 7,600% following its listing. Despite the positive trend, not every token saw growth; Mog Coin (MOG), Myro (MYRO), and Book of Meme (BOME) experienced slight decreases in value, with MYRO dropping 33.3%, while MOG and BOME saw declines of 11.8% and 1.28%, respectively.
Source: Ai_9684xtpa on X
Solana and Ethereum Dominate Memecoin Landscape
According to the analyst, approximately 60% of these memecoins were built on the Solana blockchain, while 26.7% originated on Ethereum. The remainder utilized Binance’s BNB Smart Chain or the Base network. Only five of the memecoins were available for both spot and futures trading, as Binance reportedly adopts a selective approach toward spot listings.
The analyst observed that Binance’s listing requirements for memecoins appear to focus more on their popularity and community backing rather than strict market value criteria.
Trump-Themed Tokens Decline Post-Election Win
Amid a generally strong crypto market, memecoins linked to former U.S. President Donald Trump dropped significantly following the recent election results. On Nov. 7, after Trump’s victory, Trump-themed tokens such as MAGA (TRUMP) and MAGA Hat (MAGA) saw losses of 53% and 55%, respectively, while other Trump-related coins also fell between 50% and 75%.
