Nothing ‘confirmed’ by memecoin listing – Binance CMO
The rise in popularity of memecoin in recent times has increased pressure on crypto exchanges to remove questionable projects and protect users, said a crypto exchange executive.
“The team will be doing a lot of due diligence on the project's founders, those involved and what their roadmap might be,” Rachel Conlan, chief marketing officer of crypto exchange Binance, told Cointelegraph at Aus Crypto Con 2024.
Community feedback and input
As for what the X factor will be for a crypto token listed on Binance, Conlan said there is nothing “confirmed”.
“A few different factors were considered by this mysterious research team,” Conlan said.
“Community feedback and input, as well as looking at what community trends and perceptions are around this, are definitely important,” she said, rejecting the idea that encouragement alone will drive listings.
Rachel Conlan spoke to Cointelegraph at the Aus Crypto Con. Source: Cointelegraph
Conlan said memecoins have had “a lot of negative coverage” due to the lack of service.
“But we know there are up and coming memecoins that incorporate that utility, which we all need because we need a use case,” she explained.
‘Crucial' to get the community involved
Conlan predicts that the crypto community will “grow exponentially” in the next 18 to 24 months, which means there will be a need to focus more on crypto projects than on real use cases.
“It's innate and trivial at first, but it's critical if you want the community to be involved.”
“What we need to talk about more is the innovation that comes out of this bear cycle. People build it,” she said.
Related: Solana memecoin trader turns $160 into $5.6M in viral token
Conlan's comments on the utility reflect a similar view to former Binance CEO Changpeng “CZ” Zhao, who recently shared his distaste for the memecoin ecosystem.
In the November 26 X post, memecoins are getting “a little” weird as opposed to being funny in their infancy.
“Let's build real applications using blockchain,” CZ said.
While there are ongoing scams and rug-pulling in the memecoin space, there have also been recent instances of users making huge fortunes.
In the year On November 27, Cointelegraph reported that a Solana-based memecoin trader turned a $160 investment into millions after buying tokens associated with a viral internet meme.
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