Comparative Analysis of Token Performances Post-Listing on Major Centralised Exchanges
This research explores the impact of centralised exchange (CEX) listings on token prices by analysing the post-listing performance of 34 tokens across Binance, ByBit, OKX, KuCoin, Coinbase, Gate.io, and MEXC. The study specifically focuses on the price behaviour during the first week after listing, drawing on quantitative data to identify trends, volatility patterns, and potential correlations between token price performance. The purpose of the study was to identify whether there is a causal relationship between an exchange's brand and initial token price performance.
We analysed the performance of all tokens on the exchanges individually, and then ran comparative analysis between the exchanges, before finishing with analysis of two tokens which were listed on all 7 exchanges on the same day.
Our analysis reveals several key findings. First, the average token experienced a significant price increase within the first 24 hours of listing, and for most exchanges it proceeded to retrace immediately after on the second day. However, some exchanges that experienced smaller listing pumps had more stability at higher price levels, unlike those which had much higher pumps followed by severe corrections.
Second, some exchanges experienced eerily similar price movements for their tokens whilst others had much more variability. We're not entirely sure what this is indicative of.
Third, exchange stipulations are crucial to price performance. In particular, listing a token hours or days after other exchanges meant that price performance on that late exchange would be worse.
Last, some exchanges have far more outliers than others, indicating that an exchange's internal due diligence process is vital for the overall performances of its listings.
Our main recommendation based on this research for token listings is to not tie the reputation of an exchange to potential price performance.
In conclusion, all exchanges had different average price performances for the same tokens due to a plethora of factors, but by running statistical analysis we gain valuable insights for projects considering CEX listings as part of their market entry strategy, as well as for investors looking to understand the opportunities and risks associated.
View the full report here: https://docsend.com/view/xrmxc5ybb5wic9ug