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Research Firm Reports Dramatic Decline in Performance of 28 Altcoins on Binance in 2024
A recent report from cryptocurrency research firm HC Capital has revealed that all 28 altcoins listed on Binance in 2024 have experienced a significant decline in their performance.
Author:
Elif Azra Güven
24.06.2024 – 13:42
Update:
15 seconds ago
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As Binance, the world’s largest cryptocurrency exchange, continues to list new altcoins and launch polls, investors are keen to explore altcoins that have the potential to be listed on the platform.
This is because the prices of altcoins listed on Binance futures or spot transactions tend to skyrocket, offering the possibility of substantial gains.
However, while these altcoins initially experience high gains following their listing on Binance, they also go through sharp declines afterwards.
According to HC Capital, all new tokens listed on Binance in 2024 have experienced a significant decline from their all-time high (ATH).
The list compiled by HC Capital reveals that AEVO, PORTAL, STRK, SAGA, and DYM have fallen by more than 80%. AXL, MANTA, OMNI, PYTH, PIXEL, TNSR, and ALT have experienced declines of over 70%.
In addition to these, AI, BOME, WIF, XAI, JUP, METIS, REZ, and ETHFI have fallen by more than 60%. TAO, ENA, and Bounce Bit (BB) have experienced declines of over 50%. ZRO, RON, and NOT have fallen by more than 40%. IO and ZK have dropped by over 30%.
HC Capital attributes the decline in these tokens to several factors, including market volatility, initial excitement and speculation, limited supply causing price fluctuations, and overvaluation leading to corrections.
According to HC Capital’s report, all new tokens listed on Binance in 2024 have experienced a sharp decline from their all-time high. AEVO, PORTAL, STRK, SAGA, and DYM have fallen by more than 80%, while AXL, MANTA, OMNI, PYTH, PIXEL, TNSR, and ALT have fallen by more than 70%. AI, BOME, WIF, XAI, JUP, METIS, REZ, and ETHFI…
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— Wu Blockchain (@WuBlockchain)
June 24, 2024
*Please note that this article does not provide investment advice.
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