Centralized exchange (CEX) listings have long been seen as a milestone for crypto projects, promising increased exposure, liquidity, and price surges. However, the reality often follows a predictable pattern: a sharp initial pump, followed by a more dramatic dump. This analysis reveals the fleeting benefits of CEX listings on token prices across major exchanges like Binance, Bybit, and Coinbase.
Key Findings
- 98% of Binance-listed tokens eventually decline in price.
- Binance listings deliver the highest initial pump (87%) but also the steepest drops (70%).
- On average, CEX listings boost token prices by 54% at launch.
- 89% of listed tokens experience significant post-listing dumps.
Methodology
We analyzed 389 tokens listed in 2024 across six major exchanges:
- Binance
- Bybit
- OKX
- Coinbase
- Bithumb
- Upbit
Data included:
- Listing price
- Current price (as of February 2025)
- All-time high (ATH) price
👉 Explore real-time token performance
The Initial Pump: Tokens Surge 54% on Average
CEX listings trigger short-term FOMO buying, driving an average price increase of 54%. Key observations:
- 37% of tokens hit their ATH at listing.
- Liquidity influx and speculative trading fuel the surge.
Case Study: Binance’s Dominance
Binance-listed tokens spike 87% at launch—the highest among exchanges. However, this is often followed by a 70% drop.
The Inevitable Dump: 89% of Tokens Decline
Post-listing sell-offs are nearly universal:
- Price drop: Tokens lose 52% of their value on average.
- ATH reality: Most tokens never recover their listing peaks.
Exchange Comparison
| Exchange | Avg. Pump | ATH at Listing | Post-Listing Drop |
|-----------|----------|----------------|-------------------|
| Binance | 87% | 46% | 70% |
| Bybit | 61% | 60% | 63% |
| Coinbase | 41% | 23% | 28% |
Coinbase shows milder volatility, appealing to risk-averse investors.
FAQs
1. Why do tokens dump after CEX listings?
- Early investors often sell for profits.
- Hype-driven buying fades, revealing weak fundamentals.
2. Which exchange has the least severe dumps?
Coinbase tokens drop 28% on average—lower than Binance (70%) or Bybit (63%).
3. Are CEX listings still beneficial for projects?
Yes, for liquidity and exposure, but long-term value depends on the project’s utility.
👉 Learn how to identify sustainable crypto investments
Conclusion
CEX listings catalyze short-term pumps but often lead to longer-term losses. Traders should:
- Avoid FOMO buying at listing peaks.
- Research fundamentals beyond exchange hype.
For projects, listings are a double-edged sword—visibility comes with volatility.