Recently, the head exchange Binance has been questioned and criticized by the community after successively listing multiple MEME coins, and the choice between following the hot trend or adhering to narrative value has become the biggest point of controversy.

By Nancy, PANews

In the midst of the weakness of most crypto narratives, MEME undoubtedly represents the largest traffic base in this bull market, with major exchanges using this sector as a means to leverage traffic and win community reputation. Recently, the head exchange Binance has been questioned and criticized by the community after successively listing multiple MEME coins, and the choice between following the hot trend or adhering to narrative value has become the biggest point of controversy.

Exchanges taking sides intensify the dispute between large and small MEME coins

The crypto market is facing a liquidity crisis, and MEME has become the white knight to rescue the market, showing strong market performance and resurgence of the "gold rush." According to crypto analyst arndxt, only 42 projects have outperformed Bitcoin this year, with 11 of the top 15 being MEME coins.

The outbreak of this round of MEME coins stems from the community's dissatisfaction and resistance to the VC coin model, meeting the public's imagination of fair distribution and grassroots atmosphere, which has forced exchanges like Binance to change their listing logic.

For example, in just one month, Binance has successively listed multiple MEME projects such as BRETT, DOGS, POPCAT, NEIRO, HMSTR, and Neiro in spot and contract trading, even listing 3 MEME projects in one day, covering domains like Base, TON, and Ethereum. This also indirectly confirms that Solana is losing its dominant position in the MEME field.

Influenced by the exchange listings, these MEME coins have experienced significant price increases. For example, after being listed on Binance, Neiro's market value surged from tens of millions of dollars to over 300 million dollars.

However, the collective listing of MEME coins by exchanges has also sparked significant controversy. On one hand, there is the dispute between large and small letter MEME coins. For example, the listing of the uppercase NEIRO contract by exchanges like Binance and OKX led to a sharp rise in the project's value for several days, which caused dissatisfaction in the lowercase Neiro community due to insider trading issues, and raised questions about the value judgment of exchanges in listing projects.

In response to this, Binance co-founder He Yi recently stated, "In the dispute between uppercase and lowercase neiro, it is also due to community criticism. We are reflecting more on what makes a good MEME. If the essence of the MEME community is another 'GameStop,' and the token is highly concentrated, and the price has been pumped up, is the bubble that will burst at some point still a MEME? Or is it a Pond's wearing a MEME coat? So we have listed several relatively token-diversified projects with low market value. There were more than ten projects screened in the early stage, many of which failed in compliance audits and token concentration."

Crypto KOL @neso explained the phenomenon of uppercase and lowercase, stating that in fact, the various uppercase, lowercase, and punctuation coins that have appeared recently, regardless of market value or holder scale, only represent a small part of the MEME coins, and are characteristics of periodic hot coins, not representing the mainstream, let alone all. There are still many high-quality MEME projects with strong community consensus, but Binance and OKX have not paid attention to them. Perhaps it is due to interests or audit standards, or perhaps they have fallen into some kind of information cocoon. In the long run, MEME coins that focus on cultural dissemination, brand building, and community culture cultivation will eventually have the opportunity to succeed and survive the cycle.

Frequent listing of MEME coins guiding the market trend? Questioning the logic of exchange listings

On the other hand, the high-frequency listing of MEME coins by exchanges, including Binance, has also been questioned by the public as influencing the market trend.

"MemeCoin is largely more like a gambling product. Although one of the natural properties of crypto is to stimulate dopamine secretion, MEME can do this better. But if most industry builders are creating this kind of thing, and even top exchanges tend to provide greater stimulus space for Memecoin, then the crypto industry will gradually become a gambling den. Of course, there are also many problems with projects outside of MEME, such as overvaluation and a lack of value-creating stories, resulting in a market that appears lively but lacks many good investment options," stated crypto KOL broLeon.

@neso believes that MEME coins have undergone significant changes compared to the previous cycle and are entering a 2.0 stage. They hope that CEXs can deeply observe and understand these changes, and continue to promote the development of the race track, rather than just seeing it as a tool for traffic and creating hotspots. Otherwise, their influence in the MEME coin market may continue to be weakened.

OKX CEO Star has also questioned the listing of tokens by exchanges in a post, asking what the original intention of listing tokens on cryptocurrency exchanges is. After being listed on an exchange, some token projects only release, reduce holdings, and harvest users, and exchanges should not become accomplices to such projects. Due to the lack of regulation in listing and reducing holdings, how can this market be protected? This is something that the entire industry should reflect on.

In response to this, He Yi explained Binance's basic framework and process for listing tokens, stating that Binance's listing of projects mainly falls into three categories: projects that users need, projects that have longevity, and projects with business logic. He emphasized that the decision on token prices is not made by Binance, but by the token model, circulation, buying and selling pressure, and these high-valuation projects have a large number of market makers willing to advise them to maintain high market value, and a large number of exchanges are eager to list them, especially with the rise of AMM bringing about the rise of DEX. However, it is undeniable that while other projects rise and fall, they have longevity and more opportunities. He also stressed the importance of projects with solid business models, revenue, and responsible teams, and the need for reasonable valuations to support community growth.

"Cryptocurrency exchanges' dilemma in listing tokens may also reflect the huge bottleneck and confusion facing the current market. It seems that no one is clear about where the next innovation will come from," said crypto KOL qinbafrank. He believes that the current crypto market may have transitioned from being "unanchored" to "anchorless," with no historical reference and a huge sense of uncertainty about the future direction. He suggests that the industry should focus on how to "re-anchor" from "unanchored," and which attempts are more valuable and meaningful. Re-anchoring the crypto market will be more arduous and difficult than the stock market, and correcting the lack of value, the irrational issuance structure with high valuations, and the unrestrained dumping by project parties are all crucial to the current market's bleakness. Starting from these aspects, guiding and correcting step by step may not always yield the desired results, but it is the necessary path to realign and rediscover the anchor.

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