Of the 30 tokens listed by cryptocurrency exchange Binance in 2024, all but one are in the red—and most are down badly, according to a post by crypto researcher Coin98 Analytics on the X social media platform.
The sole exception is Jupiter’s native token, JUP, which has risen 21.2% since listing on Jan. 31 and now has a fully diluted value (FDV) of some $8 billion. FDV is a measure of market capitalization assuming a token’s entire supply is circulating at current trading prices.
Launched in January, Jupiter is a Solana-based decentralized exchange that has attracted upward of $610 million in total value locked (TVL), according to DefiLlama. Its Jan. 31 airdrop was the largest in Solana’s history, with some $700 million worth of JUP tokens distributed to around 1 million wallets.
The remainder of Binance’s 2024 token listings are down since launch, with an overwhelming majority down by at least 50%. The worst performer thus far has been Aevo’s native token, AEVO, which is down more than 90% since listing in March.
Related: Airdrop token prices are crashing — 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—also an airdrop—was met with controversy, with some users feeling shortchanged.
Part of the problem is with airdrops as a distribution model. An overwhelming majority of tokens distributed in sizable airdrops have lost value since their first day of listing, sometimes severely. Plus, the methods for determining airdrop allocations are often opaque, resulting in frustration.
Jonathan Joseph, co-founder of SmartFunds, told Cointelegraph that “when the airdrop comes, people feel short-changed because the number of points doesn’t necessarily have any correlation” to how many tokens they receive.
A recent crash in cryptocurrency markets also vaporized some $510 billion in market capitalization across crypto on Aug. 5.
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