Author: Nancy, PANews

Amid the overall weakness of the cryptocurrency narrative, MEME undoubtedly stands out as the most popular area in this bull market. Major exchanges have leveraged this sector as a means to drive traffic and win community reputation. Recently, leading exchange Binance has faced community criticism and condemnation after successively listing multiple MEME coins, sparking a debate on whether to follow the trend of attracting traffic or uphold the narrative value.

Exchanges Taking Sides Intensify the Debate on MEME Case Sensitivity

As the cryptocurrency market faces a liquidity crisis, MEME has emerged as a savior and demonstrated strong market performance, with only 42 projects outperforming Bitcoin this year, 11 of which are MEME coins among the top 15, according to cryptocurrency analyst arndxt.

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

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

The listing of these MEME coins by exchanges has led to significant price increases. For instance, after Binance announced the listing of Neiro, its 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 a debate over the case sensitivity of the same name MEME. 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, causing dissatisfaction within the lowercase Neiro community. This has also raised doubts about the value judgment of exchanges in listing projects.

In response, Binance co-founder He Yi recently stated, "In the case of 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 artificially inflated, when will the bubble burst? Is it still a MEME? Or is it a Pond's dressed in MEME clothing? So we have listed several relatively decentralized and low market value MEME projects. Initially, we screened more than a dozen projects, many of which failed due to compliance audits and token concentration."

Cryptocurrency KOL @neso explained the case sensitivity phenomenon, stating that in fact, the various case-sensitive and punctuation coins that have emerged recently, regardless of their market value or holder scale, only represent a small part of MEME coins and are characteristics of periodic hot coins. They do not represent the mainstream, let alone the entirety. 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 Influencing Market Trends? Questioning the Listing Logic of Exchanges

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

"MemeCoin is largely more like a gambling product. Although one of the natural properties of cryptocurrency is to stimulate dopamine secretion, MEME can better achieve this. But if most industry builders are creating such things, and even leading exchanges tend to provide greater stimulus space for Memecoin, the cryptocurrency 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, making the market appear lively but with few good options," confessed cryptocurrency KOL broLeon.

@neso believes that MEME coins have undergone significant changes compared to the previous cycle and are entering a 2.0 phase. They hope that CEXs can deeply observe and understand these changes, continue to promote the development of the race, and not just see 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 also once questioned the listing of tokens by exchanges, asking what the original intention of listing tokens on cryptocurrency exchanges is. Some token projects, after being listed on exchanges, only engage in releasing, reducing holdings, and harvesting 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, Binance's He Yi explained the basic framework and process of listing tokens, stating that Binance's listing of projects mainly falls into three categories: projects that users need: as a trading platform, it should not just be what Binance thinks is good, but what users think is good; projects that have longevity: what determines the token price is not Binance, but the token model, circulation, buy orders, sell orders, and these high-valuation projects with top teams have a large number of market makers willing to advise them to maintain high market value, and there are also many exchanges vying for them, especially with the rise of AMM bringing about the rise of DEX, it is not necessary to have a trading platform. However, it cannot be denied that when other projects rise and fall, they have longevity and more opportunities; projects with commercial logic: whether it is Web2 or Web3, the essence of entrepreneurship is to create something that the world needs. We like projects with solid business models and revenue, and we hope that the team is reliable, has entrepreneurial potential, can take responsibility, and we also hope that your valuation is not too high, and can take care of the common growth of the community. We hope that you can empower the token, because if you stand with the users, your users will stand with you.

"Cryptocurrency KOL qinbafrank believes that the dilemma reflected by Binance's listing may also be the huge bottleneck and confusion faced by the current market. It seems that no one is clear about where the next innovation will come from. The current cryptocurrency market may have transitioned from being 'unanchored' to 'anchorless.' The past history no longer has any reference significance, and the future direction is in great confusion. What we should explore more is how the industry, from 'unanchored' to 'anchorless,' can re-find its 'anchor,' and what are the more valuable and meaningful attempts. The process of re-finding the 'anchor' in the cryptocurrency market is more arduous and difficult than in the US stock market. The lack of value in repeating the creation of wheels, the artificially high valuations pushed up by the primary market, the unreasonable issuance structure with low circulation and high fully diluted valuation, and the unrestrained and unscrupulous dumping by project parties have all led to the current bleak market, which is also the crux of the matter. Starting from these aspects, guiding and correcting step by step may not always yield the desired results, but it is also the necessary path to correct the deviation and re-find the anchor."

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