1. Research Introduction
1.1 Research Background
This year, the market has sparked widespread discussion about VC tokens with high fully diluted valuations (FDV) but low circulating market capitalization (MC). With the issuance of new tokens in 2024, the MC/FDV ratio has dropped to the lowest level in the past three years, indicating that a large number of tokens will be unlocked and enter the market in the future. Although the initial circulation is low, the market may drive prices up in the short term due to increased demand, but this increase lacks sustainability. Once a large number of tokens are unlocked and enter the market, the risk of oversupply increases, and investors begin to worry that this market structure may not provide lasting support for price increases.
Therefore, many investors interest began to shift from these VC tokens to Meme coins. The characteristic of Meme coins is that most of the tokens are fully unlocked at the time of TGE, with a high circulation rate and no selling pressure caused by future unlocking. This structure reduces the supply pressure in the market and gives investors more confidence. Many Meme coins have an MC/FDV ratio close to 1 at the time of issuance, which means that holders will not face dilution due to further issuance of tokens, providing a relatively stable market environment. As the awareness of the risks of large-scale token unlocking deepens, investors interest has gradually shifted to these Meme coins with higher liquidity and lower inflation rates, although these tokens may lack practical application scenarios.
In the current market landscape, investors are required to be more cautious in choosing tokens. However, when selecting tokens, investors often find it difficult to independently evaluate the value and potential of each project. At this time, the screening mechanism of the exchange becomes the key. As the gatekeeper that directly pushes token assets to users, centralized exchanges not only help verify the compliance and market potential of tokens, but also play a role in screening high-quality projects. Although there is another voice in the market that on-chain transactions will exceed CEX transactions. But Klein Labs believes that the market share of centralized exchanges will not be taken away by on-chain transactions. Factors such as the smoothness of CEX transactions, centralized responsible asset custody, the establishment of user habits and mindsets, liquidity barriers, and global regulatory compliance trends have made the transaction share in CEX exceed the transaction share on the chain for a long time and continuously.
Then, the question that follows is, how do centralized exchanges screen and decide to list among many projects? How is the overall performance of the currencies that have been launched in the past year? Is the performance of these launched tokens related to the selected exchanges?
In order to answer these questions of concern to the market, this study aims to explore the listing situation of major exchanges and analyze their actual impact on the token market performance, focusing on the changes in trading volume and price fluctuations after listing, in order to identify the impact of different exchanges on the market performance of currencies after listing.
1.2 Research Methods
1.2.1 Research subjects
We divide exchanges into three categories based on their region and market orientation:
Founded by Chinese, facing the world : Binance, Bybit, OKX, Bitget, KuCoin, Gate, etc. Well-known exchanges mainly founded and invested by Chinese, facing the global market. There are many Chinese exchanges. For the convenience of research, the selected exchanges have different development characteristics, and the exchanges that were not selected also have their own advantages.
Created in South Korea, targeting the local market : Bithumb, UPbit, etc. Mainly targeting the local market of South Korea.
Created in the United States, targeting Europe and the United States : Coinbase, Kraken, etc. US exchanges, mainly targeting the European and American markets, are usually strictly regulated by the SEC, CFTC, etc.
Exchanges in other regions such as Latin America, India, and Africa are not analyzed in depth in this research report because their overall trading volume and liquidity are less than 5%.
We selected 10 representative exchanges from the above and analyzed their listing performance, including the number of listing events and their subsequent market impact.
1.2.2 Time Range
We mainly focus on the price changes of the tokens on the first day, the first 7 days , and the first 30 days after the TGE, and analyze their trends, fluctuation patterns, and market reactions for the following reasons:
On the first day of TGE, new assets are issued and trading volume is highly active, reflecting the immediate market acceptance. It is greatly affected by the rush to buy and FOMO sentiment, and is a critical stage for the initial market pricing.
Price changes in the first 7 days after TGE can capture the market’s short-term sentiment towards the new token and initial recognition of the project’s fundamentals, measure the sustainability of market enthusiasm, and return to a reasonable initial pricing for the project.
The first 30 days after TGE will focus on observing the long-term support of the token, the cooling of short-term speculation, the gradual withdrawal of speculators, and whether the token price and trading volume are maintained, which will become an important reference for market recognition.
1.2.3 Data Processing
This study uses a systematic data processing method to ensure the scientific nature of the analysis. Compared with the common research methods on the market, this study is more intuitive, concise and efficient.
In this research report, the data mainly comes from TradingView, covering the price data of newly launched tokens on major exchanges in 2024, including the initial listing price, market prices at different time points, and trading volumes. Due to the large number of sample points, this large-scale data analysis helps reduce the impact of single abnormal data on the overall trend, thereby improving the reliability of statistical results.
(I) Multivariate Overview of Coin Listing Activity
This study uses a multivariate analysis method to comprehensively consider factors such as market conditions, transaction depth, and liquidity to ensure the comprehensiveness and scientificity of the results. We compared the average rise and fall of new coins on different exchanges and conducted in-depth analysis based on the market positioning of the exchanges (such as user base, liquidity, and listing strategy).
(II) Average value to judge overall performance
To measure the market performance of a token, we calculated its percentage change relative to the initial listing price. The calculation formula is as follows:
Considering that extreme situations in the market may affect the overall data trend, we removed the top 10% and bottom 10% of extreme outliers to reduce the interference of occasional market events (such as sudden positive news, market manipulation, and liquidity anomalies) on the statistical results. This processing method makes the calculation results more representative and can more accurately reflect the real market performance of new coins on different exchanges. Then, we calculated the average of the rise and fall of new coins on each exchange to measure the overall performance of the new coin market on different platforms.
(III) Coefficient of variation to determine stability
The coefficient of variation (CV) is an indicator to measure the relative volatility of data. Its calculation formula is:
Where σ is the standard deviation and μ is the mean. The coefficient of variation is a dimensionless indicator that is not affected by the data unit and is suitable for comparing the volatility of different data sets. In market analysis, CV is mainly used to measure the relative volatility of prices or returns. In exchange or token price analysis, CV can reflect the relative stability of different markets and provide investors with a basis for risk assessment. The coefficient of variation is used here instead of the standard deviation because the coefficient of variation has higher applicability than the standard deviation.
2. Overview of Coin Listing Activities
2.1 Comparison between exchanges
2.1.1 Number of listed coins and FDV preference
Overview of Coin Listing Events in 2024
We found that: from the overall data, the number of coins listed on top exchanges (such as Binance, UPbit, and Coinbase) is generally less than that on other exchanges. This reflects that the different positions of exchanges affect the style of listing coins.
In terms of the number of listed coins, exchanges such as Binance, OKX, UPbit, and Coinbase have stricter listing rules, with fewer listed coins but larger scale; while exchanges such as Gate list new assets more frequently, providing more trading opportunities. Data shows that the number of listed coins is roughly negatively correlated with FDV, that is, exchanges that list more high-FDV projects usually have fewer listed coins.
CEXs use different strategies to prioritize listings, focusing on different fully diluted valuation (FDV) tiers. Here we classify projects based on their different FDVs to better understand the exchange listing criteria. When valuing tokens, we often consider MC and FDV, which together reflect the valuation, market size, and liquidity of tokens.
MC only calculates the total value of currently circulating tokens and does not take into account tokens that will be unlocked in the future. Therefore, it may underestimate the true valuation of the project, especially when most tokens have not yet been unlocked, which can be misleading.
FDV is calculated based on the total amount of all tokens, which can more comprehensively reflect the potential valuation of the project and help investors assess future selling risks and long-term value. For projects with low MC/FDV, FDV has limited short-term reference significance and is more of a long-term reference.
Therefore, when analyzing newly launched tokens, FDV is more relevant than Market Cap. Here we choose FDV as the standard.
In addition, from the perspective of the attitude towards the first-time projects, most exchanges usually adopt a balanced strategy, that is, taking into account both first-time and non-first-time projects, but usually have higher requirements for non-first-time projects because first-time projects will bring more new users. In addition, two Korean exchanges, UPbit and Bithumb, mainly focus on non-first-time listings. Because compared with the first-time, non-first-time listings can reduce screening risks and avoid market fluctuations and initial liquidity problems in the first-time stage. At the same time, for the project party, compared with the first-time, the project party does not need to bear too much pressure on market promotion and liquidity management, and non-first-time listings can drive growth with the help of existing market recognition.
2.1.2 Track Preference
Binance
In 2024, the number of Meme coins still accounts for the largest proportion. Infra and DeFi projects account for a large proportion. The number of RWA and DePIN tracks listed on Binance is relatively small, but the overall performance is good. Among them, USUAL spot has the highest increase of 7081%. Although Binance is more cautious in choosing coins in these fields, once they are launched, the market reaction is usually more positive. In the second half of the year, Binances listing preference in the AI track clearly tilted towards AI Agent tokens, which accounted for the highest proportion among AI projects.
In 2024, Binance prefers the BNB ecosystem. For example, the launch of projects such as BANANA and CGPT shows that Binance is strengthening its support for its own on-chain ecosystem.
OKX
In terms of the number of coins listed on OKX, Meme also has the largest number, accounting for about 25%. Compared with other exchanges, it has more coins listed on the public chain and infrastructure track, accounting for a total of 34%. This shows that in comparison, OKX is more concerned about underlying technology innovation, scalability optimization and sustainable development of the blockchain ecosystem in 2024.
In the emerging track, OKX has only launched 4 AI tokens, including DMAIL and GPT, 3 new tokens in the RWA track, and only 3 in the DePIN track. This reflects that OKX is relatively cautious in its layout in relatively emerging tracks.
UPbit
The biggest feature of UPbits listing in 2024 is that the track is widely covered and the tokens generally perform well. In 2024, UNI and BNT were launched on the DEX track. This shows that UPbit still has great potential and room for development in listing hot assets. Many mainstream or high-market-value tokens have not yet been launched, and support may be further expanded in the future. At the same time, this also reflects that UPbit is more strict in the review of listing coins, and is more inclined to carefully screen assets with long-term potential.
On UPbit, the tokens of various tracks have seen significant increases. Tokens of tracks such as PEPE (Meme), AGLD (Game), DRIFT (DeFi), and SAFE (Infra) have seen significant increases in the short term, with the highest increases reaching 100% or even exceeding 150%. UNI increased by 93.5% on the 30th day after its launch compared to the first day. This reflects that Korean users have a very high degree of recognition for the projects launched on UPbit.
In addition, from the perspective of public chain ecology, public chain ecology such as Solana and TON are more popular. We also found that exchanges are gradually deepening their support for their own blockchain ecology. For example, the BSC and opBNB chains associated with Binance continue to strengthen their support for their own on-chain ecology. Similarly, Base launched by Coinbase has also become its key support target, and the Base project accounts for nearly 40% of all newly launched currencies in 2024. OKX continues to work hard on the X Layer ecological layout. In addition, Krakens planned launch of L2 network Ink further shows that the head exchanges are actively promoting the construction of on-chain infrastructure.
Behind this trend is the exploration of exchanges’ transformation from “off-chain” to “on-chain”, which not only expands the scope of business but also strengthens their competitiveness in the DeFi field. By supporting projects on their own chains, exchanges can not only promote ecological development, but also improve user stickiness and obtain higher returns in the issuance and trading of new assets. This also means that in the future, exchanges’ listing strategies will be more inclined towards projects within their own ecosystems to enhance the activity and market influence of their blockchain networks.
2.2 Time Dimension Analysis
The number of coins listed on different exchanges each month
The increase and decrease trend of the number of coin listing events is highly consistent with the rise and fall of BTC prices. There are more coin listing events during the period of BTC rising (February to March and August to December), while the number of coin listing events is significantly reduced during the period of BTC sideways or falling (April to July).
The coin listing activities of top exchanges (Binance, UPbit) were less affected during the bear market, and their coin listing share actually expanded during this period, demonstrating stronger market dominance and anti-cyclical capabilities.
The number of coins listed on Bitget is relatively stable, and the market fluctuations have little impact on it, while the coin listing rhythm of other exchanges fluctuates greatly. This may be related to its more balanced coin listing strategy.
Gate and KuCoin have a higher frequency of listing coins, but the number of coins listed fluctuates greatly with market conditions, indicating that these exchanges may rely more on the higher liquidity of new projects in a bull market to attract users.
3. Trading volume analysis
3.1 Overall trading volume of different exchanges
Average trading volume of each exchange project in 2024 in the 24 hours after TGE
Average trading volume of each exchange project 30 days after TGE in 2024
UPbit’s trading volume accounted for a very high proportion within 24 hours of the listing of the currency, even more than half of Binance, showing its strong appeal in the short-term market and obvious liquidity influx. Although the proportion decreased slightly after 30 days, it still maintained a high market share, even close to the total share of the three top exchanges OKX, Coinbase, and Bybit, indicating that UPbit occupies an extremely important position in the currency listing market.
Binance and OKX have seen steady growth in trading volume, and their 30-day market share remains the leading one, demonstrating strong market recognition and liquidity depth. Binance accounted for 47% in 24 hours, and grew to 53% after 30 days, indicating its long-term market dominance, while OKX also maintained a high share after 30 days.
Bybit has performed well in both short-term and long-term trading volumes and is relatively stable. Bithumbs market share has slightly increased after 30 days, indicating that it can not only retain early trading volumes but also attract more liquidity. This shows that Bithumbs competitiveness in the coin listing market has increased.
Although Korean exchanges are known for their preference for non-initial projects, as the above data shows, these projects can still generate very strong trading volumes. The core reason why non-initial projects on Korean exchanges can generate such a large trading volume is its unique market environment:
The closed nature of the Korean trading market and the concentration of liquidity
Closed market: Due to the relatively strict KYC policy in South Korea, overseas users are basically unable to directly use Korean exchanges. This regional isolation has led to a relatively closed trading ecosystem in the Korean market; a large number of local users are accustomed to buying and selling on Korean exchanges. Therefore, the internal liquidity of the Korean market is more concentrated.
Exchange Monopoly: The Korean crypto market is highly monopolized. UPbit currently occupies 70%-80% of the Korean crypto market share, firmly leading the industry. After UPbit established its leading position in 2021, Bithumbs original first position was replaced, and its market share dropped to 15%-20%. South Koreas trading volume and liquidity are gathering towards the top platforms, showing a strong capital aggregation effect.
Therefore, even though a token is not listed on the global market for the first time, its trading in the Korean market will still show a similar first launch effect, attracting a large amount of market attention and capital inflows.
South Korea’s Crypto Market’s High Ownership Rate and Capital Advantage
High penetration of crypto assets: South Korean investors hold a very high proportion of cryptocurrencies, much higher than other major markets. As of November 2024, the number of people holding cryptocurrencies on Korean exchanges exceeded 15.59 million, equivalent to more than 30% of the total population of South Korea. Many Koreans already hold a large amount of crypto assets and prefer digital assets in their investment choices. With 0.6% of the worlds population, South Korea contributes 30% of the worlds cryptocurrency trading volume.
Adequate social capital: In addition, South Korea is a developed country with a high GDP, with relatively abundant overall social capital and huge investable funds, which makes the crypto market have sufficient liquidity.
Young people in traditional industries have little room for survival: South Korea is a capitalist country monopolized by chaebols. Young people face greater employment and living pressures, and class solidification has intensified their desire for wealth appreciation channels. About 3.08 million young people aged 20-39 are involved in virtual currency transactions, accounting for 23% of the total population in this age group.
As of November 2024, the total cryptocurrency holdings of South Koreans have increased to 102.6 trillion won (about 69.768 billion U.S. dollars), and the average daily trading volume has also climbed to 14.9 trillion won (about 10.132 billion U.S. dollars). UPbit became the CEX with the fastest growth in trading volume in the fourth quarter of 2024, increasing from 135.5 billion U.S. dollars to 561.9 billion U.S. dollars, a month-on-month increase of 314.8%. This growth reflects the strong demand for crypto assets in the Korean market, and further confirms the trend of high trading volume of Korean exchanges in non-initial projects.
4. Price performance analysis
4.1 Price performance by exchange
4.1.1 Overall performance of coin prices on various exchanges
Comparison of the mean and median trading volume and price of each exchange 7 days after TGE
Binance performed the best, with both the average and median being relatively prominent. The top three averages are Binance, OKX, and Bitget. Although OKX has a positive average, its median is negative, indicating that the price fluctuations of rising tokens are large, and the price fluctuations in the short term are very drastic, with obvious outliers. Bitget performed relatively well, being the closest to the two major exchanges among other exchanges. At the same time, its median increase ranked second among all exchanges, second only to Binance, and showed a relatively high positive value, indicating that the overall price of tokens on Bitget showed a strong and positive upward trend.
Among medium-sized exchanges, Bithumb, Gate, and KuCoin performed well. Among them, Bithumb has a relatively balanced price performance, with the smallest difference between the absolute value and the median, indicating that the price fluctuation is small and the performance is stable. However, the medians of KuCoin and Gate are negative, and the absolute values are high, which means that the winning rate of tokens is low, and there may be more rising outliers to interfere.
Comparison of the mean and median trading volume and price of each exchange in the 30 days after TGE
By the 30th day, the median fell overall, which means that after 30 days, especially for tokens with poor liquidity, some speculative funds in the market have withdrawn a lot, the pressure of selling has increased, the buying support is insufficient, and the price has fallen. Gate may have caused large fluctuations in the new coin market and insufficient liquidity due to the excessive number of listed coins. This shows that the platform has failed to attract enough stable capital inflows, too many tokens have dispersed liquidity, and the balance between buyers and sellers has been broken, causing a sharp drop in prices.
Binance was less affected, with a slight decrease in the average value, indicating that its listed tokens still maintained strong market support and stable trading volume 30 days later, and some tokens still have room to rise. As a top exchange, Binance, with its huge market liquidity and broad user base, can maintain a high level of token prices on its platform even if the overall new coin market declines after 30 days.
Among medium-sized exchanges, Bithumb is the only exchange that has risen after 30 days, and both the 7-day increase and the median are positive. This shows that Bithumb has successfully attracted funds with good market liquidity and stability, showing strong resistance to decline and market appeal. It may be because Bithumbs small amount of listings allows it to concentrate liquidity and maintain strong market activity, allowing newly listed tokens to perform better in price.
4.1.2 Monthly coin price performance of each exchange
Price changes of each exchange every month after 7 days of TGE
Price changes of each exchange every month 30 days after TGE
Binance and UPbit have obvious price advantages and are greatly affected by market sentiment. The listed coins of Binance and UPbit perform well when the market is good. For example, Binances 30-day increase in May and September reached 87.8% and 94.9% respectively, and UPbit also increased by 60.5% in September, showing a strong price advantage, but the volatility is large, with a significant decline in April and July, and the market sentiment has a significant impact on it.
The overall market situation has a significant impact on the trend of tokens. Top exchanges have a greater increase in the bull market, while medium-sized exchanges are more likely to experience a sharp drop in the market downturn. For example, Bybit and OKX fell by -40.6% and -36.6% respectively in July 30 days, and Kraken and KuCoin also performed weakly after 7 days, especially Kraken, which fell by -23.5% and -27.9% in January and March respectively.
4.2 Fluctuation of price fluctuations
In the previous section, we used the average value to reflect the overall rise and fall. Next, we use the coefficient of variation to reflect the fluctuation of sample data around the above average rise and fall. If the coefficient of variation is small, it means that the data distribution is relatively concentrated, the rise and fall of most tokens are close to the average level, the market performance is relatively stable, and the price fluctuation after the exchange is listed is more predictable; conversely, the price trend after the exchange is listed is more uncertain;
Next, we will analyze the prices of 1 day and 30 days respectively:
Changes in coefficient of variation on day 1 after TGE
Binance has the lowest coefficient of variation, indicating that the fluctuations in the first-day price fluctuations of its listed tokens are relatively small, and the market performance is the most stable. UPbit has the highest coefficient of variation, with large fluctuations on the first day, but combined with the previous average analysis, it is estimated that its overall market is likely to show a general upward trend.
The coefficient of variation of medium-sized exchanges (from left to right along the coordinate axis) shows a linear growth trend. From Bitget, which has the lowest coefficient of variation, to Gate, which has the highest coefficient of variation, this shows that the market performance of these exchanges has gradually shifted from relatively stable to more uncertain, and from relatively low short-term investment risks to gradually increasing.
Bybit has a low coefficient of variation, which is closest to Binance, indicating that its market volatility is relatively controllable. However, considering that Bybit has a large number of listed coins, it can still maintain a low coefficient of variation, indicating that the overall quality of its listed projects is high, and there are no large-scale high-volatility coins. In addition, this also reflects that Bybit may be more inclined to tokens with stronger stability in its coin screening strategy, thereby reducing the sharp fluctuations in the market in the short term.
Changes in coefficient of variation on day 30 after TGE
From the perspective of Day 30 coefficient of variation, UPbit still maintains a high coefficient of variation after 7 days and 30 days, indicating that its trading pair price fluctuates significantly and the market liquidity is high. Combined with the average value, the average value of UPbit trading pairs is positive, and the price drops slowly, which indicates that the market buying and selling orders are relatively active, the liquidity depth is strong enough, and the overall market is healthy. From the perspective of the coefficient of variation, UPbit has a greater advantage than other exchanges in this regard.
Binance and Coinbase are still relatively stable exchanges. Binance has a relatively stable increase throughout the cycle, while Coinbases fluctuations between 7 and 30 days tend to be stable, indicating that its token market is more inclined to long-term stable development rather than short-term drastic fluctuations.
The coefficient of variation of medium-sized exchanges (such as Bitget, Bithumb, Gate, and KuCoin) increased significantly on the 30th day, indicating that after the withdrawal of short-term arbitrage funds, liquidity decreased, resulting in increased price fluctuations. The market is still dominated by short-term funds, with a low proportion of long-term funds and weak overall stability. Bitget, in particular, has high activity but high volatility risk.
5. Summary of highlights
5.1 Data Conclusion
After the above research and data, we draw the following conclusions:
1. The choice of exchanges to list coins has a significant impact on the performance of listed coins
Generally speaking, exchanges with fewer listed coins and stricter standards usually have better price performance after removing extreme outliers. However, the overall Bitcoin trend, regional market environment and user characteristics will also affect the performance of listed coins.
Exchanges with a large number of listed coins will indeed stand out in the short-term average performance, but in the long run, a large number of listed coins will cause liquidity to be more dispersed, and may usher in a larger decline after 30 days, and the price stability will be lower.
2. When the market is good, top exchanges often have a greater growth advantage than medium-sized exchanges
However, from another indicator, the average increase, the top exchanges have different increases in 7 days and 30 days, but the overall increase is positive. Binance has the best feedback in various price indicators. OKX has large fluctuations in the medium and long term. Among the top exchanges, UPbit has the most moderate performance, which may be due to the large liquidity depth. At the same time, UPbit can actually achieve extremely high increases and decreases on the first day of the token launch. However, since this study counts the final closing price on the first day, these outstanding performances may not be recorded. Among the medium-sized exchanges, Bitget and Bithumb performed relatively well. Among them, Bitget performed stably, and Bithumb performed well in some price indicators.
3. Advantages of the Korean market and the effect of listing
The Korean market has a unique market environment, with high trading volume and good liquidity. Tokens can quickly attract funds after listing. Although the price fluctuated greatly in the early stage, it showed an overall upward trend. And the price fluctuations were still violent after 7 days and 30 days. This shows that in the Korean market, tokens listed online will have a longer development cycle and higher attention.
4. The impact of exchange screening processes on token performance and market stability
During the data processing, we found that some exchanges had significantly more outliers, indicating that the token screening and review process is critical to post-listing performance. Outliers usually reflect that the token price deviates from expectations and may be affected by factors such as market manipulation or project risk. Exchanges that frequently have outliers may be more lax in the screening process, resulting in unstable tokens entering the market and increasing the risk of price fluctuations. Therefore, the token screening process of the exchange directly affects the market performance of the token and the overall market stability.
5.2 Exchange Performance
Binance OKX
Both perform well in various indicators, but in the long run, Binance has an advantage in stability. Binances market performance is relatively stable, able to maintain continuous growth, and has low volatility. In contrast, although OKX has greater market volatility than Binance, it is almost equivalent to Binance in multiple indicators.
UPbit Bithumb
UPbit and Bithumb are the two leading cryptocurrency exchanges in South Korea, and their performance is generally outstanding. UPbit has always maintained a high ranking among global exchanges. As one of the earliest exchanges established in South Korea, Bithumb has performed very well on some tokens. The extremely high enthusiasm for cryptocurrency speculation in the Korean market has led to a large amount of capital pouring into local exchanges, bringing higher liquidity and trading volume. Due to the high liquidity depth and the large number of funds dispersed among Korean retail investors, price changes will not be too obvious on a medium- to long-term scale. However, focusing on shorter-term intra-hour transactions, the trading volume and price fluctuations of Korean exchanges are both higher than those of other exchanges at the same level. Since this study mainly studies the price changes of tokens 1 day, 7 days, and 30 days after listing, it may not fully reflect the outstanding performance of Korean exchanges.
It is worth noting that UPbit and Bithumb have obvious regional advantages of Kimchi Premium. After certain tokens are listed on Korean exchanges, their prices are usually higher than other exchanges in the world by a certain percentage in the short term, which brings UPbit and Bithumb unmatched advantages over other exchanges in the world.
Bybit
As one of the top exchanges, it has strong liquidity depth and rich experience in listing coins, and can provide a stable trading environment. Although Bybit experienced a large-scale theft of coins in early 2025, it demonstrated its ability to cope with it as a large exchange with its timely and effective public relations and security measures. In contrast, many small exchanges often lack the ability to cope with such challenges. Bybits response strategies in risk control and public relations are also very appropriate, especially in terms of sufficient financial funds, which quickly restored the trust of users and continued to maintain its competitiveness in the market.
Bitget
It performs particularly well among medium-sized exchanges and develops at a faster pace. Bitget is in the transition stage towards first-tier exchanges and tends to implement a more stringent listing mechanism. The platform has launched a large number of new coins, providing investors with a wider range of choices. At the same time, according to the average data, the overall performance of the listed tokens is good, and the positive price fluctuations of the currencies far exceed those of the same level platforms. The preference of high-quality projects for Bitget is gradually emerging. The platform remains prudent in project screening and achieves a more accurate selection of the best through a two-way incentive mechanism. Overall, Bitgets market performance is between the average levels of top exchanges and medium-sized exchanges. It shows good price performance and market recognition. Compared with exchanges of the same level, the price fluctuations of tokens on Bitget are relatively stable, and they show a high degree of resilience when the market fluctuates, thus maintaining strong market competitiveness and user trust.
Gate
It is rising rapidly. With its high proportion of listed coins and its innovative listing strategy, Gates data performance in 2024 is relatively outstanding. Not only has the trading volume gradually increased, but the token price has also increased significantly. Gate has successfully attracted a large number of emerging projects, significantly improved its market competitiveness, and continuously expanded its influence in the crypto market. Gate has performed outstandingly in the Meme track, and has also set up an innovation zone to provide exclusive sections for newly launched tokens. With keen market insight, it has successfully launched a number of popular tokens, attracting a large number of investors. Its innovative listing strategy and precise project screening have helped the platform quickly expand its ecology, improved user stickiness, and promoted the growth of trading volume and liquidity.
KuCoin
In addition to the listing of coins that are the focus of this report, KuCoin has made significant progress in compliance. KuCoin has reached a settlement with the U.S. Department of Justice (DOJ), which paves the way for the future development of KuCoin and its new leadership team. KuCoin is also actively acquiring relevant licenses, especially in Australia and India, and is also actively deploying in Europe, Turkey and other places. KuCoin applied for a license in Austria that complies with the Markets in Crypto Assets Regulation (MiCAR) through KuCoin EU Exchange GmbH. At the same time, KuCoin is also the first global cryptocurrency trading platform in India that complies with the regulations of the Financial Intelligence Unit (FIU). By promoting compliance and regional expansion, KuCoin is expected to attract more potential users, promote trading volume and price growth, and create favorable conditions for its continued growth in the future.
Coinbase Kraken
As the largest exchange in the United States, it has strong liquidity and a deep market. Coinbases cautious listing strategy coupled with the United States strict cryptocurrency regulatory policy has resulted in a relatively small number of listings on the platform, but it also has high security and stability. This shows that Coinbase has adopted a conservative listing strategy for new projects, especially high-risk assets such as Meme coins. However, from the perspective of price performance, while choosing to pursue stable and long-term development, it has also missed many opportunities for growth. Kraken is well-known for its security and is subject to strict regulation, resulting in fewer products and services than other exchanges.
6. References
1. Animoca Brands Research on 2024 Listing Report
https://research.animocabrands.com/post/cm71o17u2t6f1 07 mlc 6 v 09 ujq
2.Low Float High FDV: How Did We Get Here?
https://www.binance.com/en/research/analysis/low-float-and-high-FDV-how-did-we-get-here
3. CoinGecko 2024 Annual Crypto Industry Report
https://www.coingecko.com/research/publications/2024-annual-crypto-report
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