Background

Binance founder Zhao Changpeng (CZ) was sentenced to 4 months in prison by the U.S. District Court in Seattle on April 30 this year for violating U.S. anti-money laundering laws. The prosecution initially requested a 36-month sentence, but the court received 161 letters of support from friends and family, emphasizing his positive image in both family and career, which had a positive impact on the judge's decision. The judge believed that although CZ had made mistakes in anti-money laundering, he did not intentionally engage in illegal activities, so he ultimately decided to give a light sentence of four months.

As time passes, CZ is expected to be released on September 29, 2024, which will inevitably trigger a new wave of related concept speculation in the meme market. Setting aside expectations for speculation on new coins in the future, what tokens did Binance list during CZ's imprisonment? What patterns emerged? How did the token prices perform? Most importantly, what kind of market information does Binance want to convey through the new listings? WOO X Research Institute will take you on an exploration.

List of New Tokens Listed on Binance

Token Name | Spot/Futures | Category | Market Cap | Circulating Supply | Price Change from Listing to Deadline | Listing Date --- | --- | --- | --- | --- | --- | --- BTCFi | Spot + Futures | - | 155M | 19% | -10% | 5/13 NOT | Spot + Futures | - | 760M | 100% | +3% | 5/16 TURBO | Futures first, then spot | - | 330M | 100% | -35% | 5/30, 9/16 IO | Spot + Futures | - | 184M | 12% | -66% | 6/11 ZK | Spot + Futures | - | 420M | 18% | -50% | 6/17 MEW | Futures | - | 380M | 100% | 2% | 6/17 LISTA | Spot + Futures | - | 70.7M | 20% | -47% | 6/20 ZRO | Spot + Futures | Infrastructure | 444M | 11% | 28% | 6/20 G | Spot first, then futures | SocialFi | 257M | 60% | -42% | 7/19, 8/15 BANANA | Spot first, then futures | TG Bot | 138M | 41% | -37% | 7/20, 8/14 RENDER | Spot + Futures | DePIN | 2.4B | 74% | -28% | 7/26 TON | Spot | L1 | 13.9B | 50% | -17% | 8/08 RARE | Futures | NFT | 91.3M | 71% | -16% | 8/15 SYN | Futures | Cross-chain bridge | 84.3M | 88% | -31% | 8/16 SYS | Futures | L1 | 83.5M | 99% | -30% | 8/19 VOXEL | Futures | Gaming | 30.7M | 64% | -24% | 8/20 BRETT | Futures | MEME | 742M | 100% | -18% | 8/20 ALPACA | Futures | Yield | 24.5M | 100% | -33% | 8/22 POPCAT | Futures | MEME | 702M | 100% | -9% | 8/22 SUN | Futures | DEX | 236M | 49% | -31% | 8/22 VIDT | Futures | Infrastructure | 36.5M | 84% | 4% | 8/23 NULS | Futures | L1 | 41.3M | 85% | -18% | 8/26 DOGS | Spot first, then futures | TON | 505M | 94% | -24% | 8/26, 9/05 MBOX | Futures | Gaming | 39.4M | 59% | -18% | 8/28 CHESS | Futures | DeFi | 27.2M | 58% | -15% | 8/29 SLF | Spot | L1 | 147M | - | -43% | 8/30 FLUX | Futures | DePIN | 210M | 80% | -0.5% | 9/03 BSW | Futures | DEX | 33.2M | 86% | -13% | 9/05 QUICK | Futures | DEX | 36.6M | 73% | +19% | 9/06 NEIRO | Futures | MEME | 73.5M | 100% | -40% | 9/06 RPL | Futures | LSD | 199M | 100% | -16% | 9/09 AERGO | Futures | L1 | 41.8M | 89% | -4.6% | 9/10 POL | Spot | L1 | 2.7B | 70% | -7% | 9/13 UXLINK | Futures | SocialFi | 120M | 17% | +56% | 9/15 Neiro | Spot + Futures | MEME | 337M | 100% | +20% | 9/16 Babydoge | Spot + Futures | MEME | 332M | 100% | +2% | 9/16 CATI | Futures | TON | X | 30.5% | X | Upcoming HMSTR | Futures | TON | X | 75% | X | Upcoming

How to Interpret Binance's Listing Strategy?

Based on the above information, the following facts can be inferred:

• Frequent listings, primarily in futures: A total of 38 tokens were listed, and after the listing of the RARE contract, Binance became more active in listing tokens, with most being spot tokens that were subsequently listed as futures. The frequency almost reached one token per day, and on 9/16, three meme contracts (Neiro, Babydoge, Turbo) were listed at once.
• Breaking the impression of low circulation and high FDV: Except for the new tokens (IO, ZRO, BB, LISTA), the circulating supply of listed tokens was mostly above 40%, generally reaching 70% to 100%.
• Poor market environment: Most newly listed tokens experienced varying degrees of decline, but there were also a few standout performers, such as UXLINK, which increased by 56%. Overall, it did not bring wealth effects to users.

During these four months, the price of Bitcoin remained sluggish, fluctuating between 56,000 and 60,000, while BTC.D rose by 20%, reaching as high as 58%. This also means that during this period, most altcoins performed extremely poorly, and overall market liquidity dried up.

Currently, the overall market lacks liquidity, the narrative is ineffective, and the market sentiment is low and pessimistic. Based on past experience, whenever Binance lists tokens, whether spot or futures, it can drive overall market optimism. Since listing the RARE contract, Binance has increased the frequency of listings, even though most of the tokens are "old coins" that no one cares about. This can be interpreted as Binance attempting to inject "life-saving injections" into the market time and time again, trying to stir up a ripple in a stagnant market.

After more than a month of attempts, it is clear that it can only achieve "temporary excitement," with most being pump and dump, and with extremely short lifecycles. Binance then rarely listed the NEIRO contract in uppercase, which was questioned by the community, and subsequently listed Neiro spot and futures, Turbo, and Babydoge, three meme tokens.

The reversal of the case, also caused the previously lowercase Neiro's market cap to soar from 18 million to an instant high of 180 million, achieving a 10-fold increase in a short period, and then rising all the way to a high point of 400 million USD market cap. It is the only token listed on the exchange in recent times that has a wealth effect.

Tokens with wealth effects -> Attract more users outside the circle -> Bring incremental funds -> Market liquidity improves -> Funds drive more different tokens to rise -> Tokens have wealth effects

The above is a positive flywheel cycle.

And Binance's active listing of tokens is the first step in starting the flywheel, creating a myth of getting rich and attracting users.

Recent Controversies Regarding Listings

However, Binance's recent large-scale listing of meme tokens and TON ecosystem-related tokens has sparked widespread criticism in the community, including serious insider trading issues and lax listing review on Binance. In response to these accusations, Binance co-founder He Yi issued a statement on September 17.

She pointed out that the principle of listing on Binance is to meet user demand and acknowledged that the platform had not paid enough attention to meme tokens in the past, resulting in a slow response when listing meme tokens such as Shiba Inu and PEPE. The listing standards prefer projects with longevity and commercial logic.

Finally, she also stated in the article: "If we disagree, maybe you are right." She believes that although everyone sees a different world and can only see their own future, Binance will continue to explore the future and also appreciates all the community's guidance.

The whole article was composed with dignity and the whole incident can be considered concluded.

Market Future Expectations

On September 19, the Federal Reserve announced a 50 basis point rate cut, the first double-digit rate cut since 2020, signaling the start of a rate cut cycle. It can be expected that hot money will gradually flow into the risk market, and the cryptocurrency market will regain liquidity.

In addition, October has been referred to as "Uptober" in the crypto circle in recent years. According to the historical data of the crypto circle over the past 11 years, October has only seen two declines, with the remaining 9 times being increases, with a high probability of increase reaching 82%.

Currently, the macro conditions have improved, and with Binance's "artificial bull market," the cryptocurrency market is expected to emerge from the gloom in Q4, with Bitcoin reaching a new all-time high.

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