Binance, a giant in the cryptocurrency world, stood out as the most searched exchange in July. Blue-chip tokens, meme coins, and platform-based tokens became the main categories on investors‘ radar. However, these search activities did not always align with the most traded tokens. The most searched tokens on Binance often hint at trend formations, but they are not always among the top gainers of the day. Especially meme tokens like DogWifHat (WIF) showed impressive growth, with a daily increase of 27.6%.
Binance Received 68 Million Visits
Binance is one of the most active centralized exchanges and has the potential to identify highly liquid tokens. In July, it surpassed major competitors like Coinbase and Bybit with 68 million visits. Despite its popularity, Binance’s new token listings have not always been successful. Especially tokens listed after April 2024 faced liquidity issues following the year’s first correction. This situation led to lowered expectations in the altcoin market.
The 2024 crypto market showed that meme tokens could be used as a means for quick and risky gains. However, this situation brought along the risk of sales and price drops for some utility tokens. Current conditions indicate that investors might direct their funds towards blue-chip assets, especially tokens like Bitcoin (BTC) and Tether (USDT). The performance of trending tokens on Binance is not always stable.
Kaspa’s Journey on Binance and Mining Revenues
One of the notable projects in 2024, Kaspa (KAS), built a network growing through mining activities. Kaspa gained a chance to be listed on Binance with its mining revenues. However, Binance is cautious about listing Kaspa. Kaspa has a large token reserve produced by major institutional miners, with the potential to be sold through Binance. Still, it is not certain whether Binance will list Kaspa.
Binance is adopting a more selective approach in new token listings. Projects like the Ethereum-based NEIRO token are not even considered for listing due to potential insider wallet clusters. While Binance has been generous in listing meme coins in the past, it continues this strategy cautiously.
