Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
Fantom Aims To Attract Memecoin Traders, Reserves $6.5M FTM: Report

Fantom Aims To Attract Memecoin Traders, Reserves $6.5M FTM: Report

CoineditionCoinedition2024/05/03 10:13
By:Nynu V Jamal
  • Fantom Foundation intends to become a part of the vast $50 billion memecoin sector.
  • The blockchain plans to attract memecoin traders by reserving $6.5 million worth of FTM tokens for developers.
  • CEO Michael Kong asserts that Fantom intends to provide a safe memecoin space with a democratic token distribution to the community.

Fantom , a Layer 1 blockchain network, has initiated establishing a “safer memecoin” space to become part of the vast $50 billion memecoin sector. The blockchain network plans to reserve $6.5 million worth of its native token, FTM, as a reward for developers.

Michael Kong, the CEO of Fantom Foundation, hinted at the platform’s efforts to create a friendly environment where the community can launch safer memecoins. Kong also highlighted Fantom’s adherence to security and privacy as it plans to introduce technical and non-technical measures to block rugs and scams.

CoinMarketCap, a prominent crypto data aggregator, shared an X post, unveiling Fantom’s initiative. The aggregator wrote, “In a bid to tap into the booming $50 billion memecoin sector, Fantom, a layer-1 blockchain network, is taking steps to establish a safer environment for memecoin projects.”

🗞️ Crypto News

In a bid to tap into the booming $50 billion memecoin sector, Fantom, a layer-1 blockchain network, is taking steps to establish a safer environment for memecoin projects.

🔗 https://t.co/e29GvGjl6X #CryptoNews

— CoinMarketCap (@CoinMarketCap) May 3, 2024

On April 30, Michael Kong announced a 10 million FTM prize pool worth $6.5 million for memecoin teams in an effort to attract memecoin traders. Through memecoins, Kong envisions gaining more customers and achieving success.

🚀 Exciting news from @MemeGlobal_ !

Our CEO @MichaelFKong announced the #Fantom Meme Season competition with 10 million FTM in prizes for memecoin holders teams.

👀 More details to follow soon. pic.twitter.com/lT8ogsjYhH

— Fantom Foundation (@FantomFDN) April 30, 2024

Further, Kong asserted that Fantom prioritizes customer demands; Fantom aims to satisfy its customers by fulfilling their needs. In its latest move, Fantom intends to provide a safe memecoin space with a democratic distribution of tokens to the community.

Meanwhile, FTM has slightly emerged from the bearish track, with a marginal increase of 2% over the last 24 hours. However, the token, currently priced at $0.6773, has been exhibiting severe downturns over the last month. FTM experienced notable 10% and 22% declines in the last week and month, respectively.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

1MCHEEMSUSDT now launched for futures trading and trading bots

Bitget has launched 1MCHEEMSUSDT for futures trading with a maximum leverage of 20, along with support for futures trading bots, on November 25, 2024 (UTC+8). Welcome to try futures trading via our official website (www.bitget.com) or Bitget APP. 1MCHEEMSUSDT-M perpetual futures: Parameters Details

Bitget Announcement2024/11/25 09:01

Token listing: Instantly buy/sell BTC with EUR & BRL via cash conversion!

Bitget users can now instantly buy or sell BTC with EUR or BRL balances via cash conversion! Buy/Sell Crypto Tips: Enjoy a transaction fee rebate in USDT on your first cash conversion transaction! Additional perks >>> Flash Monday: Buy crypto with a credit/debit card for zero fees >>> Flash Thursda

Bitget Announcement2024/11/25 08:12

Orbiter Finance collaborates with the Ethereum Foundation and the University of California, Santa Barbara to enhance the security model of bridging p

Since its establishment in 2021, Orbiter has been deeply exploring security, aiming to become a reliable infrastructure in the cross-chain field.

Chaincatcher2024/11/25 07:55

OXTUSDT now launched for futures trading and trading bots

Bitget has launched OXTUSDT for futures trading with a maximum leverage of 25, along with support for futures trading bots, on November 25, 2024 (UTC+8). Welcome to try futures trading via our official website (www.bitget.com) or Bitget APP. OXTUSDT-M perpetual futures: Parameters Details Listing t

Bitget Announcement2024/11/25 07:50