A new Spot CEX Report 2026 from CoinGecko has unveiled a stark reality for the cryptocurrency market, highlighting the extreme difficulty newly listed tokens face in maintaining value. The data shows that only approximately 32% of tokens listed on major centralized exchanges (CEXs) show positive price action within their first 30 days. This means nearly 7 out of 10 tokens fail to hold their value almost immediately after launch.
Early gains are fleeting. For the minority that start strong, the upside does not last. By the 30–59-day window, only about 25% of tokens remain in profit. The decline is steady and predictable over longer time frames, with performance dropping almost linearly. The most damning statistic reveals that by the end of 12 months, fewer than 10% of tokens are still trading above their initial listing price across major exchanges. This trend indicates that most listing rallies are driven by short-term hype rather than sustained fundamental demand.
Exchange performance varies significantly. South Korea's Upbit leads in early performance, with 67% of its listings still profitable after 30 days. However, it also has one of the lowest listing rates, suggesting higher selectivity. Binance and OKX follow with around 50% of tokens in the green after 30 days, while Kraken and Gate.io trail at the lower end. Notably, even Upbit's strong performers are not immune to the long-term trend, with all its listings falling below their initial price within roughly 300 days.
Coinbase presents a notable exception. Tokens listed there tend to experience a "second wind" after about six months, suggesting delayed accumulation or stronger long-term investor confidence. The report also points to market structure challenges, noting that stablecoins like Tether (USDT) and USD Coin (USDC) dominate trading pairs, accounting for roughly 66% of all activity. This concentration limits the capital available to flow into new tokens. Furthermore, high-volume listings and strong initial attention do not guarantee sustained performance, as many investors chasing early gains face sharp corrections once the hype fades.
