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Binance co-founder and founding director He Yi has responded to users’ growing concerns regarding the platform’s recent surge in memecoin listings.
He Yi stated in his statement that the exchange “has no intention of leading the trend towards memecoins,” but instead focuses on testing various projects with different fundamentals.
Yi explained that there are three main types of projects currently prominent in the cryptocurrency space:
- Telegram games that primarily focus on airdrop distribution.
- Infrastructure projects that typically have high Fully Diluted Valuations (FDVs) and are backed by venture capital (VC) funds.
- Memecoins attract a significant portion of the market's attention.
Despite the concerns, He Yi noted that Binance has identified projects with lower FDVs and more dispersed initial coin distributions for potential listings as part of its testing process. The strategy aims to offer a more balanced selection of projects by experimenting with different asset types rather than trying to push any one trend, according to the statement.
Cryptocurrency exchange Binance announced this morning that it will list Neiro (NEIRO), Turbo (TURBO), and Baby Doge Coin (100000BABYDOGE) altcoins.
*This is not investment advice.