One of the key first steps for new cryptocurrency tokens is to gain a listing on an exchange like Binance or Coinbase. In the roadmap of many memecoins, listings are vital for more mainstream user adoption.
As many of these communities are passionate about their tokens, petitions and campaigns can quickly gain traction. A petition for Binance to list Floki Inu reached over 10,000 supporters, while500,000 holders signed a Shiba Inu Robinhood petition.
However, some of the coin holders are doing more damage than good.
Why Isn’t My Coin Listed?
One major mistakes coins make when seeking an exchange listing is to create a media blitz aimed at these exchanges.
Take Binance, for example. Token holders bombard its tweets with requests for listings (alongside scams). However, in the guide for coin listings, it states:
Please refrain from asking your community to over-aggressively shill your coin. It can hurt you in our evaluation process.
So, aside from annoying the social media editor, over-promoting coins in these channels may hurt its listing chances.
It also warns against trying to involve Binance’s CEO CZ in the process through social media, and against “spreading FUD or negative comments about Binance” when seeking a listing.
While Kraken and Coinbase’s listing pages don’t include the same points, it’s possible they have similar internal guidelines - especially if harassed by a community.
Indeed this is perhaps why many influential Shiba Inu holders asked the community to stop review-bombing Kraken’s app when it failed to list SHIB.
So, what should communities do?
Based on the advice Binance gives, the best thing to do is wait. Given the due diligence needed for these listings, it can take a while for approval.
While Binance states projects cannot disclose listing information, they can confirm if they have applied for a listing. It’s worth checking with your coin’s team to see if they applied before jumping into the replies of an exchange.
Read More: Want To Start A Shiba Inu Business? Redditor Shares SHIB Business Ideas
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