The digital asset industry has long been a hotbed of innovation and speculation, with meme coins being the latest. Despite skepticism over their utility, these meme-themed tokens continue to attract investors.

According to Rachel Conlan, Binance’s chief marketing officer (CMO), the world’s largest crypto exchange has taken a strategic approach to meme coin listings. She discussed Binance’s selective listing procedure for cryptocurrencies, including meme coins, during her speech at the Aus Crypto Con 2024.

Binance’s Rigorous Listing Process for Meme Coins

Conlan underlined that several criteria affect the decision-making process. She explained that the listing team at Binance carefully assesses businesses according to their founders, essential employees, and long-term goals.

This close examination is critical given the rise in popularity of meme coins and the growing danger of fraudulent initiatives. The exchange’s CMO further noted that trends and feedback from the community are vital elements in Binance’s decision.

However, the CMO acknowledged that meme coins are frequently criticized for their lack of usefulness. Although many meme coins lack built-in functionality, she pointed out that the new ones are starting to incorporate practical use cases.

Meme Coins: A Mixed Bag of Popularity and Skepticism

Meme-based tokens have proven resilient and growing despite their contentious nature. Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) led the sector’s 4.4% value growth over the last day.

Dogecoin, the first meme coin, rose 6.8% and approached the $0.50 barrier, with a $63.29 billion market valuation. Likewise, Pepe had a 4.6% increase, while Shiba Inu surged 3% to become the 14th largest cryptocurrency.

Due to their impressive results, the spotlight has also been drawn to lesser-known meme currencies. Recently released tokens like GOUT, MEMEAI, and AI16Z recorded gains ranging from 47% to 64%, while Solana-built Bonk (BONK) reported a 10% daily increase.

Challenges and Opportunities

While meme tokens flourish on community engagement and viral trends, they often face skepticism over their utility and regulatory scrutiny. Conlan noted that a lack of knowledge and misconceptions are two factors that lead to the erosion of consumer confidence in cryptocurrency products.

Therefore, Binance wants to increase customer confidence by promoting transparency and providing the necessary education for its users.

Analyzing Top Performers

Besides the popular meme-themed tokens, lesser-known ones such as Goatseus Maximus (GOAT) and SPX6900 (SPX) have experienced price gains of 11,917% and 6,992% during the last three months. Act I: The AI Prophecy (ACT) and Neiro (NEIRO) are two other notable performers, with gains of over 4,000% within the same period.

These rapid increases demonstrate the speculative attraction of meme coins, which present investors with high-risk, high-reward options. Meanwhile, Dogecoin (DOGE) is leading other meme-themed tokens in price surge after the Thanksgiving holiday in the United States,

In addition, the spike in the price of several meme coins coincides with Bitcoin’s return to the $99,000 mark after days of hovering below that threshold. Notably, DOGE jumped by 149% in price over the last 30 days amid Elon Musk’s support of Donald Trump’s presidential move.

In the past 24 hours, the global cryptocurrency market saw $228.21 billion in trading activity, with meme coins accounting for $25.6 billion. This data highlights the sector’s increasing force in the broader crypto market.

Resolving Issues with Meme Coins

Once dismissed as fads, meme currencies continue to demonstrate their durability in this market. These coins continue to draw interest from exchanges and investors because of their notable gains and growing community involvement.

However, resolving issues with trust and usefulness is crucial to their future. Binance’s strategy for listing meme coins reflects an attempt to maintain the integrity of the cryptocurrency ecosystem.

The platform establishes the standard for other exchanges by prioritizing community feedback, thorough assessment, and education before listing any meme coin. Nevertheless, analysts noted that projects that blend practical uses with community appeal will succeed over the long term.