Binance tokens plunge: 29 out of 30 tokens in red for 2024
The majority of tokens listed by Binance in 2024 have seen substantial declines, with 29 out of 30 tokens recording significant losses.
The losses are particularly staggering, according to data shared by Coin 98 Analytics in an X post on Aug. 6.
Among the hardest hit is Aevo (AEVO), which saw its fully diluted valuation plummet by 90.1%, from $3.22 billion at listing to a mere $342 million. AEVO’s sharp decline is notable due to its backing by prominent investors like Binance Labs and Pantera Capital.
Despite this support, the token could not withstand market pressures, leading to a massive 90.1% drop in value. The widespread losses are a stark reminder of the volatile nature of the cryptocurrency market.
At the time of writing AEVO was changing hands at $0.3414, a 7.5% uptick in the last 24 hours. However, across 7 days, the price reflected a nearly 37% drop, while it was even worse over 2 months, losing more than 59% of its value in that time.
Other tokens that have experienced severe downturns include Portal (PORTAL), with an 89.9% drop, and Wormhole (W), which fell by 86.5%.
Similarly, Starknet (STRK), supported by Paradigm and Coinbase Ventures, saw its value decrease by 81.0%. The token’s FDV fell from $19.5 billion to $3.7 billion, reflecting the challenging environment even for well-backed projects.
In April, the Starknet network suffered its first major outage, failing to register blocks for more than four hours.
On its part, Saga (SAGA), which had an FDV of $6.68 billion at listing, now stands at $1.02 billion, marking an 84.7% decrease.
While the overall trend for the listed coins is bearish, a few of them have managed to limit their losses. For instance, Notcoin (NOT) experienced a 13.8% decline, while dogwifhat (WIF) saw a relatively modest 6.1% drop.
Amidst the sea of red, Jupiter (JUP) stands out as the sole performer during the period, recording a 21.2% gain since its listing. Initially valued at $6.6 billion, JUP’s FDV now stands at $8 billion.
This positive performance is an anomaly in the current market landscape and might be indicative of unique market factors or robust project fundamentals.
