The allure of new cryptocurrency listings on major exchanges often triggers a wave of excitement, FOMO (fear of missing out), and rapid trading. But recent data paints a sobering picture: the average return on newly listed tokens in 2025 has been dismal, with many coins seeing their prices cut in half shortly after launch. While some exchanges continue to flood the market with new assets, only a few are delivering better-than-average performance. Let’s dive into the numbers, trends, and what investors should watch for when evaluating new listings.
New Coin Performance: A Market-Wide Decline
According to an analysis by Simon, CEO and partner at Moon Rock Capital, the median performance of newly listed tokens across top-tier exchanges in 2025 has been deeply negative — ranging from -40% to -70% after listing. This means that for most retail investors buying into new launches, long-term holding has led to significant losses rather than gains.
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Even though many traders assume Binance offers the best opportunities due to its massive user base and visibility, the data tells a different story. OKX has outperformed Binance in terms of median post-listing returns, with a “loss” of -40.6% compared to Binance’s -49.6%. While neither figure is positive, OKX’s edge suggests it may be curating higher-quality or more sustainably launched projects — even if some remain controversial, like $MSN.
This widespread underperformance indicates a troubling trend: the secondary market is increasingly unwilling to absorb newly listed tokens at inflated initial prices. Without strong fundamentals or organic demand, these assets quickly lose steam post-listing.
Bitget Leads in Listing Volume — But at What Cost?
When it comes to sheer volume of new listings, Bitget stands out. During peak periods in March and April 2025, the exchange listed over 63 new tokens, averaging more than two new coins per day. April marked the highest monthly total across all major platforms, with four key exchanges collectively launching 133 new assets.
In contrast:
- Binance and OKX maintained stricter listing standards, keeping their numbers relatively low.
- Bybit and KuCoin kept annual listings within the 150–200 range, suggesting a more balanced approach between opportunity and risk management.
High-frequency listing strategies can boost short-term trading volume and attract speculative traders, but they also increase the risk of flooding the market with low-quality or overhyped projects. As investor sentiment shifts toward sustainability and transparency, exchanges that prioritize quality over quantity may gain long-term trust.
The Rise of Meme Coins: Are Exchanges Favoring Hype Over Value?
One of the most revealing insights from the analysis involves the Market Cap to Fully Diluted Valuation (MC/FDV) ratio, a key indicator used to assess token valuation health.
Tokens with a low MC/FDV ratio typically indicate that a large portion of the supply is already in circulation — often characteristic of meme coins or projects with immediate liquidity. These types of tokens are particularly popular on certain exchanges:
- Bitget: 35.6% of its new listings fall into this category — the highest among major platforms.
- Followed by KuCoin and Bybit, which also show a clear preference for high-circulation, low-dilution-resistant assets.
While meme coins can generate explosive short-term returns during bull runs, they’re also notorious for sharp corrections and volatility, contributing heavily to the overall poor performance of new listings in 2025. Their dominance raises concerns about whether exchanges are prioritizing market hype over project fundamentals.
Moreover, many of these high-MC/FDV launches reach their all-time highs on day one — a phenomenon known as "topping out at listing." Once early investors and insiders begin taking profits, retail buyers are often left holding depreciating assets.
Key Risks in Exchange Listings: What Investors Should Know
Simon highlights several red flags that investors should consider before jumping into any newly listed token:
- No Exchange Can Save a Fundamentally Weak Project
Even if a coin is listed on Binance or OKX, that alone doesn’t guarantee value retention or growth. Exchange listing is not an endorsement of quality — it's often just a business decision driven by fees or partnerships. - Beware of Projects That Dump Large Supplies on Exchanges
When teams or early investors deposit large amounts of tokens directly onto exchanges pre-listing, it creates immediate selling pressure. This lack of vesting or lock-up periods signals poor long-term alignment with retail holders. - Strong Teams Enforce Token Discipline
Projects with transparent tokenomics, clear vesting schedules, and responsible distribution models tend to perform better over time. Founders who resist pressure from multiple exchanges seeking listing fees demonstrate stronger commitment to sustainable growth.
👉 Learn how disciplined tokenomics separates winners from flash-in-the-pan failures
How to Evaluate a New Listing: A Practical Framework
Instead of chasing every new launch, consider adopting a structured evaluation process:
- Check Token Vesting & Supply Schedule: Is there a lock-up period? Are team tokens gradually released?
- Assess Organic Community Growth: Does the project have active social channels independent of paid promotions?
- Review Use Case & Product Stage: Is there a working product or just a whitepaper?
- Monitor Pre-Listing Liquidity Behavior: Are large wallets moving tokens to exchanges before listing?
Applying these filters can help separate speculative gambles from potentially viable long-term investments.
Frequently Asked Questions (FAQ)
Q: Why are most new exchange listings down so much?
A: Many new tokens are launched with inflated valuations and excessive circulating supply. Without real utility or demand, prices correct sharply once initial hype fades and early sellers exit.
Q: Is OKX really outperforming Binance in new listings?
A: Yes — based on median post-listing returns in 2025, OKX’s average loss of -40.6% is better than Binance’s -49.6%, suggesting stronger project curation despite some controversial picks.
Q: Should I avoid meme coins entirely?
A: Not necessarily — meme coins can offer high-reward opportunities during strong bull markets. However, they should represent only a small, risk-tolerant portion of your portfolio.
Q: How do exchanges benefit from frequent listings?
A: Each listing often involves fees paid by the project team, plus increased trading volume and user engagement — both of which boost exchange revenue.
Q: Can a coin recover after dropping 50% post-listing?
A: It’s possible, but rare. Recovery usually requires strong product development, growing adoption, or integration into major ecosystems — not just marketing hype.
Q: What’s the safest way to approach new listings?
A: Wait for price stabilization, monitor trading volume trends, and assess community sentiment over time rather than buying at launch.
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Final Thoughts: Quality Over Quantity Wins Long-Term
The data from 2025 makes one thing clear: not all exchange listings are created equal. While Bitget leads in volume and meme coin adoption, platforms like OKX are proving that selective, principle-driven listing strategies can yield relatively better outcomes — even in a down market.
For investors, the takeaway is simple: don’t equate listing with legitimacy. Always conduct due diligence, focus on tokenomics and team integrity, and avoid FOMO-driven decisions.
As the market matures, we may see a shift away from hyper-speculative launches toward more sustainable models — but until then, caution remains the smartest strategy.
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