How to evaluate the listing of "I'm F*cking Coming" on Binance?

Original｜Odaily (@OdailyChina)

Author｜Wenser (@wenser 2010 )

Another 20x opportunity at the start of 2026, and I still missed it!

Just yesterday, Binance Alpha listed the Chinese Meme coin "I'm Coming on Horseback". This concept, originally stemming from a New Year tweet by Binance's Co-CEO and Co-founder He Yi, saw the meme coin surge rapidly, its market cap skyrocketing from around $4 million to over $16 million in just half a day. This once again forces us to marvel at the wealth creation effect of "Binance-affiliated Memes."

What pains me more is that on January 1st, I saw a group chat friend share the contract address (CA) when this meme coin's market cap was less than $800,000, but I didn't act! I can only say the market gave me a chance...

Meanwhile, market opinions on this matter have shown a clear polarization: negative views argue that the meme coin's listing on Alpha is a product of Binance's listing team operating under a "Shandong Doctrine" mindset, a sycophantic act of "only following the superiors" that is disgraceful; positive views contend that while the meme coin is slightly vulgar, given the context of the upcoming Year of the Horse, it possesses strong meme attributes and is therefore acceptable. Is this another glorious new creation in Chinese memes, or a BSC meme shame pillar for kissing up to He Yi? Odaily will analyze this in this article.

"I'm Coming on Horseback" Becomes Market Focus: Celebrity Remarks Are the Inexhaustible Source of Meme Coins

Similar to other celebrity meme coins, "I'm Coming on Horseback" also had a rather coincidental yet thought-provoking beginning.

On January 1st, at the start of the new year, Binance Co-CEO and Co-founder He Yi posted to celebrate the new year, with the caption "2026, a new beginning; 2026, I'm coming on horseback." The accompanying picture showed her riding a white horse by the sea, exuding an air of renewal, while the comments section was filled with uniform praise and shared celebration.

The meme coin of the same name had already launched on December 30th last year, and someone in the comments directly "hinted" by posting the CA.

Thus, a phrase that sounds slightly vulgar yet also carries a hint of good wishes—a "Year of the Horse New Year's blessing"—began its spread and rise, taking on the guise of a meme and the form of a meme coin.

What truly made "I'm Coming on Horseback" a hot topic and a popular speculative target within the circle was the "universe's largest exchange," Binance, officially announcing yesterday that Alpha would list this meme coin. And then came that classic meme image from yesterday—"Crypto Circle Shandong Doctrine."

In this image, He Yi appears as the "guest of honor at a Shandong banquet table," while the listing team and KOLs become the primary and secondary hosts at the table, all following He Yi's lead, sharing a piece of the pie from the "feast" of market liquidity and meme coin wealth creation.

Some made a fortune, some feasted heartily, and naturally, some missed the opportunity and were left out of the wealth. Consequently, the market developed opposing views on the "I'm Coming on Horseback listing on Binance Alpha" event. Here, we select a relatively representative tweet to discuss.

The "I'm Coming on Horseback" Debate: A Disgrace to Chinese or a New Meme?

Regarding this matter, crypto KOL Diver Observer, from the perspective of discussing the purity of the Chinese language, posted saying, "Absurd. In the future, BNB Chain won't even qualify as a state-owned enterprise chain, right? At least state-owned enterprises have cultural aesthetics. What kind of stuff is this being listed? Pure illiteracy? The depth and beauty of the Chinese language are gone. Does the alpha team responsible for listings really understand Chinese?"

Subsequently, someone in the comments countered: "You bought less of the various shit, testicles, X, condoms, cats, dogs on SOL? When it's Chinese people playing with their own memes, you suddenly get picky? (Several uncivilized words omitted below)." This statement garnered many "nationalist fan" likes and support, with people finding it reasonable.

Later, Diver Observer posted again to clarify that the above remarks were not targeting traders, only those who believe that scatological memes can also reflect national confidence.

Crypto KOL @0xyukaz also posted saying, "Binance's listing team's strategy like this will only lead BSC to decline, severely damaging the true Chinese memecoin culture." The criticism directly pointed at Binance's listing team being too superstitious about CZ and He Yi's meme creation, artificially boosting meme coin launches and rises. This view also received a comment from OKX CEO Star, who believed "Compared to 'I'm Coming on Horseback,' 'I'm Coming on Snow' is more civilized and better."

Following this not-so-intense debate over whether "I'm Coming on Horseback" is good or bad, what emerged in the market was a uniform wave of Chinese memes with a distinct "Binance leadership doctrine" flavor, such as "Mom," "Dad," "Son," "Grandson," etc. We'll set aside the merits and demerits for now and discuss more fundamental and in-depth topics below.

From Meme Coins to Niche: Binance's Dilemma and the Inevitable Path

To discuss the present, we must first talk about the past.

In September 2024, we explored the shift in the meme coin track in "Neiro and NEIRO Listed on Binance Together, a Turning Point for the Meme Coin Sector?". At that time, Binance simultaneously listed the uppercase and lowercase NEIRO/Neiro meme coins, sparking heated market discussion. From that point, or even earlier, from the meme coin frenzy ignited in March 2024 by BOME, which was "listed on Binance in 3 days," things had already spiraled out of control.

Faced with such a market environment, regardless of willingness, what seemed like many choices before Binance was actually only one path—join the meme coin frenzy to boost platform trading activity, new users, and high-frequency trading. This is determined by Binance's industry niche as the largest CEX.

Just as internet platforms need three core elements (Odaily Note: new users, usage time linked to ad resources, conversion rate linked to user spending), what a CEX needs is also a continuous influx of new users (i.e., liquidity), more platform fees collected through high-frequency trading (i.e., the platform's business model), and project supply based on the former two (i.e., newly listed tokens). Meme coins, with their vast numbers, rapid updates, and strong liquidity, naturally become the primary target.

So the question becomes: For Binance, is it better to list meme coins from its own internal ecosystem, or to provide a "watering hole" stage and liquidity to be harvested for meme coins related to external ecosystems or even competitors? The answer is self-evident.

Perhaps, from that time, Binance began subtly laying out its "meme coin blueprint"—from Binance Wallet to Binance Alpha; from partnering with the Four.meme platform to last year's Meme Rush leaderboard. Since then, through a series of feature updates and ecosystem layouts, Binance has gradually built a complete chain of its own: "token launch - listing - Alpha - futures - spot," injecting new blood into its platform profits and CEX development.

Therefore, starting with the listing of the two major meme coins NEIRO/Neiro in the name of supporting the community, CZ and He Yi's subsequent frequent comments on meme coins, Binance's development, BNB price, and other events were destined to be inevitable.

As the famous saying goes, "If you don't occupy the battlefield of public opinion, the enemy will." And in the crypto market where liquidity is king, "If you don't compete for meme coin liquidity, it will naturally flow into competitors' pockets."

Of course, conversely, every word and action of CZ and He Yi will be amplified by the market and distorted attention. And amidst the clamor and universal flattery, it's hard for the two to avoid, to some extent, "enjoying being at the center of the stage, wielding the power of life and death."

In this regard, the point that differs from L1 and L2 public chains like Solana, Base, and Sui, whose niches lean more towards infrastructure construction, is that Binance is not just a CEX. Together with BNB Chain (BSC ecosystem), the BNB token, and the community, it has built a commercial complex highly dependent on CZ and He Yi's external communication to achieve "growth only, no stagnation." The inherently profit-driven nature of a CEX further amplifies the market influence and meme effect of CZ and He Yi.

After all, compared to Solana's ecosystem—a "fertile open land" teeming with developers, filled with various memes, and naturally encouraging meme coin development—Binance and the BSC ecosystem are a relatively distorted, "platform-type ecosystem" where attention and liquidity are highly concentrated. Therefore, the BSC ecosystem reaching today's stage of "only following the two sages" is both accidental and inevitable.

Conclusion: Heavy is the Head that Wears the Crown; All Gains Come with a Price

For Binance and BNB Chain (BSC ecosystem), having embarked on this "individualistic route" of development, they must naturally bear the accompanying criticism and centralization. And the pressure behind this naturally falls on Binance's listing team and the Binance exchange itself, as this is ultimately the endpoint of liquidity. If they want more trading fees and more casino players, there's naturally no need to distance themselves.

Finding a balance between market reputation and commercial interests, ensuring that the frequent comments and actions of CZ and He Yi do not negatively impact the Binance exchange itself, the restart of Binance US business, and the normal development of meme coins and projects in other sectors within the BSC ecosystem, will depend on the negotiation, communication, and compromise between the personnel organization and the core figures.

Otherwise, if those who genuinely work hard always receive less reward than those who flatter, then morale will inevitably dissipate.

And when morale is gone, the team becomes hard to lead.