February 2024 Exchange Platform Coin Tracking Report

As the core of the Crypto asset trading platform, the Crypto exchange platform coins play an important role in the Crypto industry. These platform coins are the tokens for participating in the ecosystem of a specific exchange, implying the development potential of the exchange itself and its ecology. This report aims to study the changes in market value, trading volume, price trends, etc. of platform coins to gain a deeper understanding of the market performance and potential opportunities of these platforms.

The market value of $BGB and $MX increased by more than 100%, while $HT and $OKB decreased by more than 50%.

As of February 21, 2024, the market value of the top 10 platform coins was approximately $68B, accounting for approximately 3.2% of the total market value of the Crypto market, a decrease of approximately 0.3% compared to the end of 2023.

$BNB is still the platform coin with the largest market value, and its market value has risen from $39B at the beginning of 2023 to $54B in mid-April. However, due to the SEC's lawsuit against Binance in June, the market value of $BNB was also greatly affected and continued to decline. By the end of August, the market value of $BNB was only $33B, a drop of 15% compared with the beginning of the year.

After November, as the market trading enthusiasm increased, the market value of platform coins increased significantly. Among them, within the time range discussed in this report, the market value of $BGB and $MX increased the most, by 434% and 248% respectively. The market value of $BNB also rebounded to a peak close to the middle of last year.

$HT and $OKB are the only two tokens among the top 10 platform coins whose market value has declined, down 75% and 53% respectively from the beginning of 2023.

$BNB's trading volume share continues to stabilize at around 90%, while $BGB becomes the second largest platform coin in terms of trading volume

During the time period discussed in this report, $BNB's trading volume accounted for about 90%, far exceeding other platform coins.

It is worth noting that $BGB's trading volume share has shown a clear upward trend, rising from about 0.5% at the beginning of 2023 to about 1.9% in February 2024, making it the second largest platform coin in terms of trading volume. In addition, $BGB has also increased by 1.5% in terms of market capitalization share. $BGB is expected to continue this trend in the future and seize more platform coin market trading shares.

So far in 2023, except for $BGB and $MX, most exchange coins have not earned as much as $BTC

Since the beginning of 2023, the exchange coins with the largest price increases are $BGB and $MX, with increases of 432.7% and 251.6% respectively.

The IEO projects launched by Binance have the best average ROI performance, while Bitget includes more market hot projects.

During the time period discussed in this report, Binance’s IEO projects had the best average ROI performance, with an ATH ROI of 36.9x.

However, it should be noted that Binance has only launched 3 IEO projects since 2023. In contrast, OKX and KuCoin have launched fewer projects, only 1 and 2 projects respectively, and most of these projects are concentrated in the two tracks of infrastructure and Web3 services. Although the ROI of these IEO platforms is currently performing well, due to the low update frequency and limited track selection, it is difficult for them to bring significant wealth effects. Although Gate has more choices, its ROI performance is relatively ordinary.

In comparison, Bitget's IEO platform is more balanced. The projects launched cover multiple fields such as GameFi, SocialFi, Metaverse and NFT, which are all hot tracks in the recent Crypto market. Coupled with the equally good ROI performance, Bitget's IEO platform is more suitable for traders to track market hotspots and obtain higher returns.

Affected by regulation, $BNB fell significantly in the second half of 2023; but it rebounded at the end of the year and surpassed last year's ATH in early 24.

2023 is the year of Binance's game and confrontation with US regulators. This is directly reflected in the price and trading volume of $BNB:

• On March 27, the U.S. Commodity Futures Trading Commission (CFTC) sued Binance.

• On June 4, the U.S. Securities and Exchange Commission (SEC) sued Binance.

$BNB price fell by more than 20% in one week, from $300 to $230; market value also fell from $47B to $37B.

• On November 22, CZ issued a letter of resignation.

The price of $BNB fell slightly by about 10% in a short period of time, and then quickly rebounded to more than $300. Affected by the price fluctuations, the average daily trading volume of $BNB also rose rapidly within 24 hours, doubling (about $3.3B).

• On February 21, 2024, Binance Launchpool launched the popular GameFi project Portal.

The price of $BNB soared by nearly 10% in 24 hours, from $350 to a high of $385.

Bitget actively expands in 2023; $BGB breaks through the historical ATH again in February 2024, rising to more than $1

2023 is a year of rapid expansion for Bitget, with a significant increase in overall trading volume, including a 94% increase in spot trading. At the same time, Bitget has also completed a number of important strategic investments and promotion activities, and has also achieved impressive results in copy trading. These have jointly driven the increase in the price and trading volume of its platform currency $BGB:

• In early February 2023, affected by the overall upward trend of the Crypto market, the price of $BGB doubled (from $0.2 to $0.4).

• At the end of 2023, the price of $BGB rose again, reaching a high of $0.66, with an annual increase of nearly 230%.

• In 2024, $BGB continued its upward trend from last year, breaking through its ATH price with great momentum, rising above $1 for the first time on February 17.

In terms of trading volume, $BGB's trading volume in 2023 was basically stable between 15-20M, which was relatively stable. In 2024, as the price of $BGB broke through the $1 mark, $BGB's trading volume also soared to more than $50M. The highest daily trading volume occurred on February 18, with a daily trading volume of $83M.