The cryptocurrency market in 2024 witnessed a dynamic shift in token listing strategies across centralized (CEX) and decentralized exchanges (DEX). With over 3,000 spot token listings analyzed across nine major CEXs and more than 120 DEXs, this report dives into key trends shaping price performance, trading volume, and market sentiment during token launches. From FDV-based listing preferences to the rising viability of DEX-first strategies, we uncover which platforms delivered the strongest outcomes for new tokens.
Key Findings: Market Trends and Performance Patterns
Token listing activity in 2024 closely followed Bitcoin’s price movements—spiking during bullish phases and slowing amid consolidation. However, deeper analysis reveals nuanced differences among exchanges based on their listing strategies, target FDV ranges, and resulting market performance.
A notable "smile curve" emerged in price performance: exchanges at both ends of the FDV spectrum—Binance (high FDV focus) and MEXC (low FDV focus)—recorded positive average price changes 30 days post-listing. In contrast, mid-tier platforms like Bybit and Bitget saw average declines of around 10%, indicating potential saturation or weaker market momentum for mid-sized projects on these venues.
Trading volume leadership was dominated by Binance, followed closely by OKX and Upbit. Notably, Upbit matched Binance’s initial 24-hour volume despite fewer listings, while OKX outperformed others in the $30M–$100M FDV segment.
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DEX-first launches also proved competitive. Tokens debuting exclusively on DEXs with FDVs above $30M performed better than four out of five mid-tier CEXs in early price appreciation and maintained comparable or higher 30-day trading volumes to exchanges like KuCoin and Gate.
Centralized Exchange Listing Analysis
Overview of CEX Listing Activity
A total of 3,074 token listings were recorded in 2024, with 40% classified as primary listings—occurring within two days of a token’s release—and 60% as secondary listings. Most exchanges balanced both types, though Korean platforms Upbit and Bithumb leaned heavily toward secondary listings.
Exchanges were grouped by average listed token FDV:
- Large CEXs: Binance, OKX, Upbit (focus on high-FDV tokens)
- Mid-tier CEXs: Bybit, KuCoin, Bitget, Gate, MEXC (mixed or lower-FDV focus)
Large exchanges prioritized tokens with FDVs over $500M, accounting for 25% of all listings in that tier. Yet mid-tier platforms contributed the majority of high-FDV listings, often through co-listings that later migrated to top-tier venues.
Monthly Listing Trends
Listing frequency surged during bull markets—peaking in February–March and September–December. April stood out as an anomaly: despite BTC stalling, listing activity remained high. Conversely, December saw reduced activity even after two months of BTC gains, suggesting growing caution.
Top-tier exchanges showed resilience during downturns, maintaining listing volume share when smaller platforms slowed down.
FDV-Based Listing Distribution
- > $500M FDV: Dominated by large CEXs; highly sensitive to market sentiment.
- $30M–$500M: Balanced distribution; mid-tier exchanges led volume here.
- ≤ $30M FDV: MEXC dominated with 70% of listings in this category.
Smaller FDV tokens gained relative prominence during market lulls (e.g., June–September), reflecting increased speculative interest when momentum slowed.
Price Performance Across Exchanges
The "smile curve" pattern held across timeframes:
- 30-day change: Binance (+positive), MEXC (+slight), Bybit & Bitget (~–10%)
- 7-day change: Binance (+~3%), MEXC (flat), mid-tier exchanges (negative)
Median returns lagged behind averages, suggesting a small number of high-performing tokens skewed overall results.
FDV-Level Price Trends
- ≤ $30M: Initial drop by Day 7, but strong recovery by Day 30—the most dramatic rebound.
- $30M–$1B: Mild early decline, stable long-term.
- $100M–$500M: Fell 2% by Day 7, worsened to >11% by Day 30—indicating sustained downward pressure.
Monthly Price Performance Drivers
Market conditions were the primary driver:
- Bull markets (BTC rising): Neutral to positive listing performance.
- Bear or flat markets: Generally negative outcomes.
Notable exceptions:
- January: Poor performance despite upcoming BTC rally.
- May: Strong results amid slow bear market.
- December: Weak returns despite neutral conditions.
Trading Volume Insights
Binance led in both initial and sustained trading volume. Upbit showed strong 24-hour spikes—nearly matching Binance—but volume faded over 30 days. OKX maintained consistent depth, especially for $30M–$100M FDV tokens.
Bybit stood out among mid-tier exchanges with stable volume across all FDV levels.
Volume Trends Over Time
First-listing volume mirrored broader cycles—high in Q1 and Q4. April saw inflated listing counts but below-average volume per token, suggesting oversaturation diluted liquidity.
FDV and Volume Correlation
Larger FDV tokens commanded significantly higher volume:
- 24-hour volume: 60x higher for top-tier vs. smallest FDV tokens.
- 30-day volume: 25x difference.
This confirms investor preference for larger-cap assets during launch phases.
DEX vs. CEX: Is a DEX-First Strategy Viable?
To assess fairness, the comparison focused on tokens with $30M–$500M FDVs, using exclusive DEX listings (minimum 30-day on-chain liquidity) versus primary CEX launches.
Price changes were measured from Day 2 to Day 7 and Day 2 to Day 30 to account for differing price discovery mechanisms between DEXs and CEXs.
Key Results
- 415 primary listings analyzed in H2 2024; 114 were DEX-first.
- DEX-first share rose from <20% in Q3 to >30% in November–December.
- Most CEX listings occurred on mid-tier platforms; Binance and OKX had limited activity.
Price Performance: DEX vs. CEX
- Mid-tier CEXs: Mixed 7-day results; most declined by Day 30 (except MEXC).
- DEX-first tokens: Positive gain by Day 7, slight dip by Day 30—outperforming most mid-tier CEXs.
- OKX: Best large-CEX performer (+14% from Day 2 to Day 7), though sample size was small.
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Trading Volume Comparison
DEX volumes matched KuCoin, Gate, and MEXC. Binance and OKX remained ahead. Concentration patterns in early trading were similar—indicating aligned market attention.
These results suggest DEX-first launches can rival mid-tier CEXs in both price resilience and liquidity generation.
Post-Launch Migration Trends
Of the 126 tokens initially launched on DEXs:
- 16% later listed on CEXs—mostly mid-tier.
- Only 2% reached top-tier exchanges (Binance, OKX, Upbit).
For mid-tier CEX-first tokens, ~3% eventually reached top exchanges—similar odds to DEX-originated tokens.
This implies that regardless of launch venue, entry into elite exchanges remains rare for mid-FDV projects.
Frequently Asked Questions
Q: What is the 'smile curve' in exchange listing performance?
A: It refers to the pattern where exchanges at both ends of the FDV spectrum—Binance (high-FDV focus) and MEXC (low-FDV focus)—achieved positive average price changes post-listing, while mid-tier exchanges like Bybit and Bitget saw negative returns.
Q: Why do DEX-first launches use Day 2–Day 7 price changes instead of Day 1?
A: Because price discovery differs between DEXs and CEXs on launch day. Starting from Day 2 ensures a fairer comparison by allowing initial volatility to settle.
Q: How does FDV affect listing success?
A: High-FDV tokens (> $500M) are more sensitive to market sentiment. Mid-FDV tokens ($100M–$500M) often decline steadily post-listing. Low-FDV tokens (< $30M) show strong recovery potential by Day 30.
Q: Can a DEX-first launch lead to a Binance listing?
A: Rarely. Only about 2% of DEX-first tokens in this study later listed on top-tier exchanges like Binance or OKX. Most migrate to mid-tier CEXs if they list centrally at all.
Q: Which exchange had the best price performance for new listings?
A: OKX led among large exchanges with a +14% average gain from Day 2 to Day 7. Among all platforms, Binance and MEXC showed the strongest sustained performance over 30 days.
Q: Is listing volume tied to Bitcoin’s price?
A: Yes. Listing activity increased during BTC bull runs (Feb–Mar, Sep–Dec) and dropped during stagnation. However, April was an exception with high listings despite flat BTC prices.
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