The popularity of memes is rapidly growing, but Binance's marketing director claims that the key focus is on utility.

Binance's marketing director asserts that utility-focused memecoins now take precedence over hype when being listed on exchanges.

Leading memecoins like PEPE and BONK reflect a shift toward real use cases and market growth.

Binance's research team evaluates memecoins for innovation, utility, and community-supported trends.

The popularity of memecoins is rapidly growing, but they are also receiving more attention than ever. At Aus Crypto Con 2024, Binance's marketing director, Rachel Conlan, discussed how the exchange decides which memecoins will make it to the top.

Conlan explained that while community input is important, Binance prioritizes utility-focused projects, especially in the memecoin sector. This reflects a growing emphasis on user protection from suspicious projects and promoting unique use cases.

The rise of memecoin utility.

Memecoins, often criticized for their lack of utility, are finding increasing real-world applications. Conlan emphasized that projects with substantive use cases are gaining traction and becoming priorities for listing on Binance.

This marks a departure from earlier views of memecoins as volatile assets. Conlan noted that Binance employs a thorough vetting process, assessing factors such as project founders, team credibility, and long-term plans to ensure user protection.

Despite criticism, memecoins have undeniable influence on the market. Data shows that the market capitalization of memecoins reached nearly $90 billion at the end of 2021 during the cryptocurrency bull market.

Leading tokens like DOGE and SHIB dominated during this period, fueled by social media hype and celebrity endorsements. Although the market sharply declined in 2022, it rebounded from late 2023, with new tokens like PEPE and BONK joining established players.

Binance's Meme Coin Listing Strategy.

Conlan mentioned that Binance's listing teams use a 'secret research group' that evaluates community feedback and new trends. However, she cautioned that no project is guaranteed to be listed. The primary focus remains on identifying projects with innovation and utility.

This aligns with comments from former Binance CEO Changpeng 'CZ' Zhao, who expressed concern about the speculation surrounding memecoins while advocating for real blockchain applications. The risks and prospects of Memecoins.

While memecoins continue to attract investors, analysts point to potential risks, including allegations that Binance acquired and inflated the value of certain tokens, such as ACT and PNUT, after their listing.

Despite these concerns, the sector remains dynamic, reflecting its high-risk, community-driven nature. With explosive growth forecasts over the next 18-24 months, utility-driven projects are poised to shape the future of the cryptocurrency market.