The BNB chain’s latest decision is going to inject a huge amount of money into the Binance Smart Chain (BSC) ecosystem.
Binance is one of the top-ranked crypto exchanges in this innovative sector. Binance Coin (BNB) is the native token of the Binance crypto exchange. BNB runs on the Binance Smart Chain (BSC) network. Notably, the BNB Cryptocurrency team is completely isolated and independent from the Binance exchange.
On April 2, 2024, the cryptocurrency exchange Binance announced the launch of the BNB meme token challenge program.
Under this program, the BNB chain invited crypto developers to implement meme tokens on the BSC blockchain.
The concept of this program is simple: the meme token implementer will receive a reward of up to $1 million for achieving the top position in this competition.
The prize amount will vary depending on the popularity, or say trading volume, of the newly staked meme token. The results for this competition will be announced after one month and the awards ceremony will take place three weeks after the day of the results announcement.
According to the announcement, anyone new to this meme crypto token culture or a seasoned developer can join this challenge. That person must also register via the link provided to enter this competition.
Solana network and meme trend
Meme tokens have no origin use cases, so it remains easy for the developers to launch such tokens. The majority of serious crypto enthusiasts are against the meme tokens concept, calling it a highly toxic culture for this innovative sector.
During the 2021 crypto bull run, the crypto sector saw the popularity of Dogecoin, Shiba inu token, Floki inu, etc. as the top meme tokens.
In this current phase of the bull run, the majority of meme tokens are being born on the Solana network, in the form of SPL tokens.
In recent months, many crypto tokens have been staked by people and interestingly, the majority of crypto influencers are promoting these meme tokens.
As of March 10, 2024, 8,630 memecoins have been created on the Solana network.
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