BNB Chain to reward meme coin issuers with prizes up to $1m

The BNB Chain team has unveiled a plan to aid meme coin creators, offering a reward fund worth as much as one million dollars.

For the Meme Innovation contest on the BNB Smart Chain (BSC), contestants need to create and release a meme coin by the close of business on April 9th. Applications to join must be submitted before then. The competition will run from April 10th to May 9th.

During the competition timeframe, the reward pool’s size will depend on the combined trading volume of eligible meme tokens. This figure could potentially hit $1 million. In the end, the overall trading volume of these approved meme tokens decides the prize fund’s exact value.

During the competition, the reward fund, which is flexible, could grow as large as one million US dollars. The exact sum depends on the accumulated trading volume of the eligible memes throughout the contest duration.
BNB Chain announcement

The announcement of the victors is scheduled for May 16th. Within twenty-one days after the conclusion of the campaign, the prizes will be transferred to their respective digital wallets.

Lately, meme coins have gained increasing popularity within the cryptocurrency world. Not long ago, Arthur Hayes, one of the co-founders of the cryptocurrency exchange BitMEX, expressed his belief that meme tokens could bring value to the blockchains they are built upon.

Regarding Ethereum co-founder Vitalik Buterin, he expressed no enthusiasm for meme coins. Instead, he urged developers to create tokens that could positively impact society or be used for charitable causes.

Investment firm Franklin Templeton’s analysts discussed meme coins in a recent report, highlighting the significant connection between these digital currencies and their underlying blockchains. The experts pointed out that meme coins can influence the level of engagement and transactions taking place on these networks.

The Value Between Meme Coins and Their Native Networks

— Franklin Templeton Digital Assets (@FTI_DA) March 13, 2024

In spite of the unclear stance of influencers within the community, reports of prosperous deals relating to these specific assets keep emerging. Traders are still managing to convert small investments into substantial fortunes using the new cryptocurrencies.

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2024-04-02 18:23