#美联储重启降息步伐 In a recent interview, a newly appointed co-CEO of a leading exchange, He Yi, gave a rare glimpse behind several veils of the cryptocurrency market. Her words may sound harsh, but they are likely closer to the truth.

**On Meme Coins: Exchanges Also Have to Do the Math**
He Yi spoke candidly—exchanges are, at their core, commercial businesses. Even though they know that many meme projects will eventually go to zero, in order to maintain market activity and competitive positioning, platforms are forced to constantly weigh "driving trading volume" against "controlling risk exposure." To put it plainly, meme coins are just traffic tools for trading platforms. Expecting exchanges to pick out 100x coins for you? Think again.

**Listing Fee Rumors and Token Allocation Games**
The widespread rumors about "sky-high listing fees" are actually a misunderstanding. He Yi revealed that exchanges care more about whether they can secure airdrop benefits or reasonably priced tokens for their users, which in turn makes some project teams unhappy. This detail is interesting—it shows that top exchanges understand what high-priced tokens mean for retail investors. So, projects landing on major exchanges with airdrop plans might be worth a closer look.

**The Rules of the Game Have Changed**
Stop fantasizing about getting rich overnight by betting on meme coins. Market funds are clearly shifting: from pure speculative targets to mainstream assets like Bitcoin and Ethereum, and narrative-driven sectors like AI tokens. Institutions and retail investors are no longer on the same battlefield—they accumulate positions at low points during panic, and exit gradually when sentiment is high. When your counterparty shifts from other retail investors to professional institutions, the outcome of blindly chasing surges is predictable.

**He Yi’s Survival Advice**
Treat meme coins like lottery tickets: only invest what you can afford to lose, as most projects have already collapsed, and those that skyrocket against the trend are always the minority.

Allocate your main positions to value assets: opportunities in core assets and leading ecosystems are more reliable.

Learn to find gold in the rubble: focus on meme projects that have crashed, still have active communities, and new stories. If there’s a small rebound in December, that could be your window to exit safely.

The market never lacks opportunities; what’s lacking is sober awareness.