As a seasoned analyst with over two decades of experience in the financial industry, I’ve witnessed the rise and fall of various asset classes, from dot-com bubbles to crypto manias. The latest craze, memecoins, has indeed added an extra layer of complexity to the already intricate world of cryptocurrencies.
As a researcher delving into the dynamic world of cryptocurrencies, I’ve observed an intriguing trend: the meteoric rise in memecoins has significantly increased the scrutiny on crypto exchanges. This heightened pressure stems from the need for these platforms to identify and distance themselves from dubious projects, safeguarding their users in the process.
Rachel Conlan, Binance’s Chief Marketing Officer, mentioned during Aus Crypto Con 2024 to CryptoMoon that the team thoroughly investigates the founders of a project, their role within it, and any possible plans they may have for the future.
Community feedback and input
When it comes to determining the specific element that results in a cryptocurrency token being listed on Binance, Conlan stated that there’s no absolute guarantee involved.
“A few different factors are considered by this secret research team,” Conlan said.
As a crypto investor, I firmly believe that actively engaging with the community through their feedback and insights is crucial. I don’t subscribe to the notion that hype alone dictates listings; instead, understanding community trends and staying attuned to them plays a significant role in my investment decisions.
Conlan said that memecoins have had a “lot of negative coverage” because of their lack of utility.
However, it’s clear that some emerging meme coins incorporate useful features, which is crucial since we require practical applications for them,” she clarified.
‘Critical’ to keep the community involved
As an analyst, I’m projecting that the crypto community is poised for significant growth – potentially doubling or more – within the subsequent 18 to 24 months. This anticipated expansion underscores the importance of zeroing in on crypto initiatives that offer tangible applications and real-world utility.
“It is born and frivolous at the beginning, but if you want to keep the community involved, it is critical.”
Instead, let’s focus on discussing the future advancements, similar to those nurtured during the recent market downturn. It’s about the projects people are working on,” she pointed out.
Conlan’s opinions on utility share a comparable perspective with Changpeng “CZ” Zhao, the ex-CEO of Binance, who has been expressing increasing dislike towards the meme coin market recently.
In a November 26th post on X, he expressed that the memecoins have started to exhibit some peculiarities, rather than just maintaining their humorous nature as they were initially developing.
“Let’s build real applications using blockchain,” CZ stated.
In the midst of persistent issues like scams and rug pulls within the memecoin market, it’s worth noting that some users have experienced immense financial success recently.
On November 27th, as reported by CryptoMoon, an individual who specializes in trading memecoins built on the Solana network transformed a modest $160 investment into millions by purchasing tokens associated with a popular internet meme that went viral.
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2024-11-30 06:27