Crypto Exchange Token Tracker Feb 2024

Exchange tokens, as the core of crypto exchanges, play a crucial role in the crypto industry. These exchange tokens serve as tokens for participation in specific exchange ecosystems, implying the development potential of the exchanges themselves and their ecosystems. This report aims to study the price trends, market capitalization changes, token burning, and other aspects of exchange tokens to gain in-depth insights into the market performance and potential opportunities of these exchanges.

$BGB and $MX soared with over 100% gains in market cap; $HT and $OKB downed over 50%

As of Feb 2024, exchange tokens held a market cap of $68B, 3.2% of the entire crypto market cap, representing a decrease of around 0.3% compared to the end of 2023.

$BNB remains the leading exchange token in terms of market cap, rising from 39 billion at the beginning of 2023 to a peak of $54 billion in mid-April. However, in June, due to the SEC filing a lawsuit against Binance, the market cap of $BNB was significantly affected and declined all the way. By the end of August, the market cap of $BNB was only $33 billion, a decrease of 15% compared to the beginning of the year.

After November, as market trading enthusiasm increased, the market cap of exchange tokens saw significant increases. Among them, within the time frame discussed in this report, $BGB and $MX saw the largest increases, with gains of 434% and 248% respectively.

$HT and $OKB are the only two tokens whose market value has fallen, falling by 75% and 53% respectively from the beginning of 2023.

$BNB's trading volume share continues to stabilize at around 90%, with $BGB becoming the second-largest exchange token

Within the timeframe discussed in this report, the trading volume share of $BNB has remained at around 90%, significantly surpassing other platform tokens.

Notably, $BGB’s trading volume share has shown a significant upward trend, rising from ~0.5% in early 2023 to ~1.9% in Feb 2024, making it the second largest exchange token in terms of trading volume. $BGB is poised to continue this trend in the future and capture more trading share among platform tokens.

Aside from $BGB and $MX, most of exchange tokens underperformed compared to $BTC

The exchange tokens with the largest price increases since the beginning of 2023 are $BGB and $MX, with increases of 432.7% and 251.6% respectively.

Binance's IEO projects have shown the best average ROI, while Bitget includes more market hotspots projects

Within the timeframe discussed in this report, Binance's IEO projects demonstrated the most excellent average ROI, with an ATH ROI reaching as high as 36.9x.

However, Binance has only launched 3 IEO projects since 2023. In comparison, OKX and KuCoin have launched even fewer projects, with only 1 and 2 projects respectively, most of which are concentrated in the infrastructure and Web3 services narratives. Despite the promising ROI of these IEO platforms, their limited update frequency and narrow choice of narratives make it challenging for them to generate significant wealth effects. While Gate offers more options, its ROI is relatively ordinary.

In contrast, Bitget's IEO platform is more balanced. The projects launched cover various narratives such as GameFi, SocialFi, Metaverse, and NFT, all of which are hot topics in the recent crypto market. Coupled with its commendable ROI performance, Bitget's IEO platform is more suitable for traders to track market trends and achieve higher returns.

Affected by regulations, $BNB experienced a significant decline in the second half of 2023; However, it rebounded towards the end and surpassed last year’s ATH at the beginning of 2024

2023 was a year marked by the ongoing struggle and confrontation between Binance and U.S. regulatory authorities. This has directly impacted $BNB's price and trading volume.

• March 27, the CFTC filed a lawsuit against Binance.
• June 4, the SEC filed a lawsuit against Binance.

As a result, $BNB's price experienced a sharp decline of over 20% within a week, dropping from $300 to $230, and its market cap fell from $47 billion to $37 billion.

• November 22, CZ announced his resignation.

This led to another minor drop in $BNB's price, approximately 10%. However, it quickly rebounded to above $300. The price volatility significantly boosted the daily trading volume of $BNB, doubling within 24 hours to around $3.3 billion.

• February 21, 2024, Binance Launchpool introduced the popular GameFi project Portal.

This move led to a nearly 10% surge in $BNB's price within 24 hours, skyrocketing from $350 to a peak of $385.

In 2023, Bitget experienced rapid expansion; $BGB achieved a new ATH in Feb. 2024

In 2023, Bitget experienced rapid expansion, with a significant increase in overall trading volume, especially in spot trading, which surged by 94%. Additionally, Bitget completed various strategic investments and promotional activities, achieving notable results in copy trading. These factors collectively drove an increase in the price and trading volume of its native token $BGB.

• In early February 2023, influenced by the overall bullish trend in the crypto market, the price of $BGB doubled, rising from $0.2 to $0.4.
• Towards the end of 2023, $BGB's price experienced another surge, reaching a peak of $0.66, marking a nearly 230% annual increase.
• In 2024, $BGB continued its upward trend, breaking its ATH price and reaching $1 for the first time on February 17.

Regarding trading volume, in 2023, $BGB's trading volume remained relatively stable, ranging from 15-20 million. However, in 2024, with $BGB surpassing the $1 mark, its trading volume soared to over $50 million. The highest daily trading volume occurred on February 18, reaching $83 million.