The recent surge in popularity of memecoins has put increased pressure on cryptocurrency exchanges to filter out suspicious projects and protect users, a cryptocurrency exchange executive said.
“The team does a lot of due diligence on the project founders, participants, and what potentially is on the roadmap,” Rachel Conlan, chief marketing officer at cryptocurrency exchange Binance, told Cointelegraph at Aus Crypto Con 2024.
Community Feedback and Comments
As for the X-factor of a cryptocurrency token being listed on Binance, Conlan said nothing is “guaranteed.”
“This secret research team takes several different factors into consideration,” Conlan said.
“It’s definitely important to get community feedback and opinions, as well as observe what community trends and insights are around this.” she added, dismissing the idea that hype alone drives the list.
Rachel Conlan spoke to Cointelegraph at Aus Crypto Con. Source: Cointelegraph
Conlan said memecoins have received “a lot of negative press” due to their lack of utility.
“But we do know that there are upcoming memecoins that have that utility built in, which is something that we all really need because we need those use cases,” she explained.
Maintaining community engagement is ‘critical’
Conlan predicted that the cryptocurrency community will “grow exponentially” over the next 18 to 24 months. This means there will be an even greater need to focus on cryptocurrency projects with real-world use cases.
“It’s innate and frivolous at first, but it’s very important to keep the community engaged.”
“What we need to talk more about are the innovations that are coming, like the ones that are ready for this bear cycle. “What people are making,” she said.
relevant: Solana memecoin trader converted $160 into $5.6 million via viral token.
Conlan’s comments on usefulness echo similar views to those of former Binance CEO Changpeng “CZ” Zhao, who recently shared his growing distaste for the memecoin ecosystem.
In a November 26 post by
“Let’s build real-world applications using blockchain,” said CZ.
Despite the ongoing scams and scams in the memecoin space, there have also been recent cases of users making huge fortunes.
On November 27, Cointelegraph reported that a memecoin trader based in Solana turned a $160 investment into millions after purchasing tokens associated with a viral internet meme.
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