- 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.”
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.
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.
