Over 80% of newly listed cryptocurrencies are in the red on Binance, the world’s largest cryptocurrency exchange in terms of trading volume.More than 80% of the tokens listed during the past six months have fallen in value since their listing, raising concerning implications for investors looking for the newest cryptocurrencies.From the 31 analyzed tokens, only five coins have appreciated, including Memecoin (MEME), Ordi (ORDI), the Solana-based Jupiter (JUP) token, Jito (JTO) and Dogwifhat (WIF), according to pseudonymous crypto researcher Flow’s May 17 X post:The fact that over 80% of newly-launched tokens are in the red signals a challenging market environment, according to Anndy Lian, intergovernmental blockchain expert and author of NFT: From Zero to Hero. Lian told Cointelegraph that the current state of the cryptocurrency market has been described as calm, with certain altcoins still trending despite a general lack of momentum overall. He added:However, the new tokens on Binance are listed with an average fully diluted valuation of over $4.2 billion despite not having a real user base. This can significantly limit their upside potential, according to pseudonymous researcher Flow:Explore Cointelegraph’s guide to discover the tools and strategies essential for trading cryptocurrency both safely and profitably.Related: Dogwifhat en route to $10? WIF is now the third-biggest memecoin as whales hold tightMemecoins: the flavor of the month for retail investorsDespite having no venture capital backing, the Ordi token was the most profitable, up over 261% since its launch, while controversial memecoin Dogwifhat took second place, with an over 117% price increase.Retail interest was the main factor driving memecoin growth, which can operate independently from the altcoin market segment, according to Lian, who told Cointelegraph:Further showcasing the hype around memecoins, Pepe (PEPE) hit a new all-time high of above $0.000010 on May 13, a day after Keith Gill — the man widely credited with kicking off the 2021 GameStop short squeeze — returned to social media.Capitalizing on the retail hype, one savvy Pepe trader turned $3,000 into $46 million within a month during Pepe’s rise to its recent all-time high.Magazine: UK cannabis millionaire’s legal ‘deals on wheels’ via crypto
