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The Coin Rise 2024-11-30 13:35:41

Memecoins Under Scrutiny as Exchanges Push for Safer Listings

Memecoins Under Scrutiny as Exchanges Push for Safer Listings

The rise of memecoins has become a double-edged sword for the cryptocurrency community. While some projects promise quick wealth and internet-fueled hype, they also pose major risks for users and platforms. Rachel Conlan, chief marketing officer at Binance, stated the importance of due diligence in evaluating such projects during her appearance at Aus Crypto Con 2024. “The team does a lot of due diligence on the founders of the project, who is involved, and what’s potentially on their roadmap,” Conlan stated in an interview. She highlighted the critical steps exchanges like Binance take before listing tokens . Despite the ongoing skepticism surrounding memecoins, she acknowledged the potential of some to evolve beyond hype and deliver genuine utility—a factor she believes is essential for long-term success. Memecoins: More Than Just Hype? Memecoins have historically attracted negative attention due to their perceived lack of utility and susceptibility to scams. Conlan noted that while the ecosystem has its share of frivolous projects, emerging tokens with real-world applications could shift the narrative. She stated: “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. Binance’s listing process takes community feedback, trends, and project insights into account, though no single factor guarantees a token’s inclusion. Conlan also forecasted rapid growth in the crypto space over the next 18 to 24 months, urging the industry to focus on innovative blockchain applications being developed during the current bear market. Her sentiments echo those of Binance’s former CEO, Changpeng “CZ” Zhao, who recently expressed frustration with the memecoin sector. In a November 26 post on X, CZ remarked that the ecosystem, once funny and engaging, had become increasingly “weird.” “Let’s build real applications using blockchain,” CZ urged, emphasizing the need for substance over speculation. High Risks, High Rewards Despite the controversies, memecoins continue to produce stories of financial success . A recent example involves a Solana-based memecoin trader who turned a modest $160 investment into millions by betting on a viral meme project. While such stories captivate audiences, they underscore the volatility and unpredictability of the space. Exchanges, therefore, are left balancing user protection with the demand for high-risk, high-reward projects. The post Memecoins Under Scrutiny as Exchanges Push for Safer Listings appeared first on TheCoinrise.com .

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