The latest decision by the BNB chain is going to inject a huge amount of money into the Binance Smart Chain (BSC) ecosystem.
Binance is a top-ranked crypto exchange 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 totally isolated & independent from the Binance exchange.
On 2 April 2024, the Binance crypto exchange announced the launch of the BNB meme token challenge program.
Under this program, the BNB chain invited crypto devs to deploy meme tokens on the BSC blockchain.
The concept of this program is simple, the meme token deployer will get a reward of up to $1 million, for grabbing the top position in this competition.
The prize amount will vary according to the popularity, or say the trading volume of the newly deployed meme token. Results for this competition will be announced after one month and prize distribution will take place after 3 weeks of the result announcement day.
As per the announcement, any person who is new to this meme crypto token culture or a seasoned developer can join this challenge. That person is also required to get registered with the provided link, to participate in this competition.
Solana network & meme trend
Meme tokens have no use cases with the origin, so it remains easy for the developers to launch such tokens. The majority of serious crypto enthusiasts oppose the meme tokens concept & call it a very toxic culture for this innovative sector.
In 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 the meme tokens are taking birth on the Solana network, in the form of SPL tokens.
In the last couple of months, many crypto tokens were deployed by people and interestingly the majority of the crypto influencers are promoting these meme tokens.
As of March 10, 2024, 8,630 memecoins have been created on the Solana network.
Read also: Cardano founder says giving funding to project builders on any blockchain is basically “bribing”
