The rising popularity of memecoins has increased pressure on crypto exchanges to filter out questionable projects and ensure user protection, according to a crypto exchange executive. “The team does a lot of due diligence on the founders of the project, who is involved, and what’s potentially on their roadmap,” Binance Chief Marketing Officer Rachel Conlan told Cointelegraph during Aus Crypto Con 2024. Community Feedback and Insights When asked what factors lead to a token being listed on Binance, Conlan clarified there are no guarantees. “A few different factors are considered by this secret research team,” she stated. “Community feedback and input, as well as watching what community trends and insights are around this, are definitely important,” Conlan added, emphasizing that hype alone does not drive listings. Conlan acknowledged the criticism surrounding memecoins, saying they often receive “a lot of negative coverage” due to their lack of utility. “But we know that there are up-and-coming memecoins that have that utility built in, which is really what we all need because we need that use case,” she explained. Keeping the Community Engaged Conlan predicted significant growth in the crypto community over the next 18 to 24 months. This, she said, will require a sharper focus on projects with real use cases. “It is born and frivolous at the beginning, but if you want to keep the community involved, it is critical,” she noted. Conlan highlighted the importance of innovation, stating, “What we should be talking about more is the innovation that’s going to come out, like the innovation that’s been prepped in this bear cycle. What people are building.” Her views echo those of Binance founder Changpeng “CZ” Zhao, who recently criticized the memecoin ecosystem. “Let’s build real applications using blockchain,” CZ wrote in a Nov. 26 X post, describing memecoins as becoming “a little” weird. Despite ongoing scams in the memecoin space, notable success stories remain. For instance, a Solana-based trader recently turned a $160 investment into millions by capitalizing on a viral token.
