Crypto analysts are sounding the alarm: over 94% of tokens Binance has listed in 2024 and 2025 are currently underwater, experiencing losses ranging from a significant 17% all the way to a staggering 97%. This paints a dramatically different picture from the once-celebrated “Binance listing effect”—a time when getting listed on the exchange was practically a golden ticket for crypto projects.

A deep dive by crypto analyst Dethective uncovered some concerning figures. He found that the 27 tokens Binance has added so far this year have plummeted by an average of 44%. Breaking it down, only a mere three tokens have managed to deliver positive returns, while a disheartening 13 have seen their value slashed by more than half (over 50%).

Dethective didn’t hold back in his assessment, labeling these tokens as “pure exit liquidity.” He went on to say, with a hint of concern for the broader crypto space, “If the biggest, most user-friendly exchange is only pushing questionable assets, people new to crypto might just conclude the whole thing is a scam.”

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And it’s not just 2025 that’s seeing this trend. Looking back at 2024, data from Dune Analytics published by @oladee reveals a similarly grim picture: nearly 98% of tokens listed that year are also in the red. The average loss across all of 2024 listings was a hefty 54.6%, and in a particularly worrying sign, the price of 12 tokens has fallen by over 90% since they were first listed.

In fact, a single token, BABYDOGE, stood out as the only positive performer in 2024, managing a modest 8.9% gain.

Remember the days when a Binance listing was practically a guaranteed rocket for a token’s price and almost served as an official stamp of approval? Well, those days seem to be long gone. Now, it appears the vast majority of these new listings are losing value over the long haul.

It’s worth acknowledging that the broader cryptocurrency market has generally experienced bearish trends this year. However, it’s striking that even during the largely bullish market of 2024, a staggering 98% of Binance’s listed tokens have still declined since their debut on the exchange.

Adding to the narrative, former Binance CEO Changpeng Zhao himself admitted back in February that the platform’s token listing process was “a bit broken.” In his post, he voiced concerns about the lag time between announcing a listing and actually making it happen, and how this delay can fuel price volatility.

Perhaps in response to growing concerns, Binance recently announced yet another round of its “Vote to List” initiative. This program, launched in February, aims to put more power in the hands of the community, allowing users to vote on which crypto projects should get the coveted spot listing on Binance.

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