Cryptocurrency perpetual crypto exchanges outpaced expectations in 2024, with trading volumes exceeding expectations as the top 10 centralized exchanges reached $58.5 trillion, more than double the $28 trillion recorded in 2023, according to CoinGecko.
However, despite the overall market growth, cryptocurrency exchange Binance has lost ground, with its market share falling from 43% in January to 34% in December. The report says the top 10 centralized perpetual exchanges recorded trading volumes of $21.2 trillion in the fourth quarter of 2024, up 79.6% from $11.8 trillion in the third quarter.
Binance remains the biggest player in the space, but competitors have picked up pace. Data shows Coinbase International entered the top 10 for the first time in December, when its trading volumes more than quadrupled. On decentralized perpetual exchanges, trading volume is also set to grow to $1.5 trillion in 2024, up by nearly 140% from the previous year. Cryptocurrency exchange Hyperliquid captured over 50% of the DEX market share in Q4, which will reach over 65% in December 2024.
“Hyperliquid was one of the major stories in Q4, thanks to its successful HYPE airdrop. It captured more than 55% of the market share in the fourth quarter, reaching a peak of 66% in December."
PENGU gained 10.4%. It is currently trading at $0.0064. Over the past month, the Pudgy Penguins cryptocurrency has fallen more than 33%, hitting an all-time low of $0.00515 on March 11. However, it has since started showing signs of recovery.
PENGU has a market capitalization of more than $405 million and a fully diluted valuation of about $500 million. PENGU's trading volume is approximately $134 million, up 232.60% from the previous trading day.
Meanwhile, it saw a more significant increase after its Robinhood listing, reaching 16%. The cat-themed meme coin is currently trading at $0.19. Its market capitalization is currently more than $183 million. The Peanut the Squid token has shown the least growth compared to the other two. PNUT has risen by about 8% to $0.18 since the Robinhood listing was announced. The token’s market capitalization is currently $177 million. On March 13, PENGU was listed on the Robinhood trading platform alongside two other Solana-based meme coins, PNUT and POPCAT. Earlier in February, PENGU also debuted on Coinbase at the same time as Popcat. The token’s listing on Coinbase gave the token a similar boost compared to its listing on Robinhood, as PENGU increased by 10.71% after the announcement. Launched in December 2024, PENGU is an original NFT collection of Pudgy Penguins. The Pudgy Penguins cryptocurrency was first launched with a maximum token supply of over 88 billion.
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