Binance Chief Marketing Officer Rachel Conlan has emphasized the complexities surrounding memecoin listings, stating that no cryptocurrency is ever “guaranteed” a spot on the platform. Speaking at Aus Crypto Con 2024, Conlan explained that community input, trends, and rigorous due diligence play a significant role in Binance’s listing decisions.
The Process Behind Crypto Listings
Conlan shed light on Binance’s approach to evaluating potential listings. While memecoins have gained significant attention, they have also faced criticism for their lack of utility. To address this, Binance employs a “secret research team” that examines various factors, including:
- Community Feedback: Understanding user interest and trends.
- Founder Backgrounds: Conducting thorough due diligence on the team behind the project.
- Roadmap Viability: Assessing the project’s potential use cases and long-term plans.
Despite these considerations, Conlan emphasized that hype alone does not guarantee a listing.
Memecoins and Utility
Memecoins often receive negative press due to their perceived lack of practical applications. However, Conlan noted a shift toward utility-focused memecoins, which could redefine the space.
“We need memecoins with built-in utility because real use cases are essential to keeping communities engaged over time,” she said.
The Future of Crypto Communities
Conlan predicted significant growth in the crypto community over the next 18 to 24 months, underscoring the importance of focusing on innovation rather than speculation.
“What we should be discussing is the groundbreaking innovation being developed during this bear cycle,” Conlan remarked.
Her comments align with sentiments expressed by Binance’s former CEO, Changpeng “CZ” Zhao, who recently criticized the memecoin market for becoming “a little weird” and straying from its humorous roots.
While scams and rug pulls have plagued the memecoin market, the space has also produced remarkable success stories. For instance, a recent Solana-based memecoin trader turned a $160 investment into millions, showcasing the high-risk, high-reward nature of the ecosystem.
