“Binance Sees Value in Memecoins with Built-In Utility” Says Chief Marketing Officer

Binance has announced that the crypto exchange sees potential in memecoins that have “built in value”. Although memecoins are frequently criticized for being useless, some newer memecoins have inherent uses, which is what Binance needs, according to Rachel Conlan, chief marketing officer at Binance.

The comments come at a time when the larger crypto world has seen a rise in memecoin hype with large money flowing into memecoins, especially from retail investors.

She also stated that community input will be a key component of the listing process of memecoins in the future. According to the Binance executive, the recent spike in popularity of memecoins has increased pressure on exchanges to filter out dubious projects and safeguard users.

Binance Lists New Memecoins Every Week

The comments also come at a time when Binance has been listing memecoins every week.

Memes are taking center stage in the rapidly evolving cryptocurrency space, and Binance is at the forefront of this trend. Coins like $ACT, $PNUT, and $HIPPO have recently produced over 10,000 millionaires, with two to three new meme listings each week.

The biggest cryptocurrency exchange in the world, Binance, has become a meme-coin powerhouse by using its platform to greatly increase the visibility of lesser-known coins.

Binance’s Comments Come As Memecoin’s Gain Market Popularity

The expansion of the global money supply has made riskier businesses more appealing to most investors. Much money has been invested in cryptocurrencies like Bitcoin and Ethereum as a result of the trend shift.

At the other end of this money flow are memecoins, which are high-risk, high-reward investments for surplus funds. At the same time, a lot of private investors are looking for new ways to make money, which suggests that traditional finance is changing.

Memecoins also seek to lessen insider advantages and give investors everywhere equitable access.

Memmecoin Rise Also Puts Investor Money At Risk

The rise of memecoins has also given space to fake and lesser value tokens gaining popularity. A CoinWire study found that 76% of X’s cryptocurrency influencers have advertised coins with no current value.

It is evident from the data that investing in memecoins should be done with extreme caution and precision. Investors should not base their decision on who is endorsing and promoting a particular memecoin.

The information also coincides with an increase in market capital allocated to memecoins. Investors have been following the memecoin trend for the past five years, investing in cryptocurrency other than the two major players.

As a result, a sizable portion of influencer-driven marketing initiatives are merely setting up investors for failure. New investors are often misled by these ads and invest in these companies without fully understanding the risks.