According to a recent report by TokenInsight, Binance’s strategic pivot towards memecoins has proven to be highly effective, signaling a shift in its approach to the cryptocurrency market.
Since launching the $GOAT contract at the end of October, Binance has dramatically increased its involvement in the memecoin space, and the results are clear.
Over the past 30 trading days (October 7 to November 15, 2024), Binance has dominated the global trading scene. The exchange’s total trading volume—comprising both spot and derivatives—has surpassed the combined volume of major stock markets worldwide.
Notably, Binance’s trading volume is 10% higher than the Nasdaq, twice that of the New York Stock Exchange (NYSE), and 16 times greater than Coinbase’s. Binance currently holds around 50% of the global centralized exchange trading volume, solidifying its position as the leading platform in the crypto industry.
During the US election week, the total inflow of USDT into major exchanges topped $20 billion, with Binance leading the charge at $7.7 billion. While the broader market has certainly been strong, a significant portion of Binance’s success can be attributed to its aggressive push into the memecoin sector. For instance, on November 13, the $Pnut contract alone saw a jaw-dropping $7.43 billion in single-day transaction volume, accounting for nearly 40% of the ETH contract volume.
This shift hasn’t come without controversy. Embracing memecoins has required Binance to lower its previous stance, a decision that has attracted both praise and criticism. Since October, the exchange has launched 11 popular memecoins, indicating that Binance is fully committed to this new direction, despite the occasional backlash.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any service.
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