Recently, the video about the 'listing manager' has gone viral, once again fueling pessimism in the industry. But honestly, the video itself doesn’t really prove anything. If you take a look at the types of tokens Binance has focused on listing since 2023, you can clearly see a few distinct trends. Generally, it has shifted from 'listing whatever is trending' to 'listing whatever the boss says' to 'I don’t even know what to list anymore.' 2023 Q4 to 2024 Q1: A wave of high FDV VC-backed tokens, including TIA, DYM, ENA, during a time when BTC ETF approval brought excellent market liquidity. 2024 Q1: A wave of Solana ecosystem projects, including JUP, PYTH, WIF, during Solana’s rebirth and aggressive price surges. 2024 Q2: A wave of TON ecosystem projects, including CATI, HMSTR, NOT, during TON ecosystem’s explosive growth and traffic dominance. 2024 Q3: A wave of meme coins, sometimes listing three at once, including TURBO, NEIRO, PNUT, during a period when the market showed strong aversion to VC-backed tokens. 2024 Q4: A wave of older projects making a comeback, including ACX, THE, VELO, during a time when CZ tweeted that meme coins felt a bit off and suggested digging deeper into undervalued tokens. Before this, Binance’s token listings seemed very much like they were being led by external factors. But looking back at 2025, Binance’s listings no longer show the clear, distinct trends of previous phases. The listings have become more mixed, with various types of tokens being listed in a more interspersed manner. So, the listing trends adjust almost every quarter—it’s impossible to stick to one fixed approach.