Everybody always wants listings. It is the number one topic I see in every community I have joined. Thing is, I have rarely ever seen price of a project change due to a new major listing.
That is, except coinbase. I have seen some projects really get to the next level getting a listing there for some reason
I think for some, especially US investors, it is some proof it is a safe and legal investment
Not in the day of the listing, but some time after over a period of time
As for tokens, I have no idea. I don't follow enough to know. Since any exchange can add tokens and basically a push of a button, its nothing major, but maybe it is some sort of justification or endorsement (on coinbase)
It would be a very interesting thing to try and chart though. If somebody could research enough coins, and enough tokens, to see what happened the days prior and after a listing on both coinbase and other exchanges. Could be valuable information
My assumption would be it is mixed for most listings. That it will indicate that the market just manipulates the price one way or another, but that the listing itself does not play a predictable or repeatable role in the price.