Binance Chain Launches $1M Incentive for Memecoin Developers

Binance network has faced immense competition from the Solana ecosystem following the latter’s success through the meme coin industry.
The BNB Chain is home to top meme coins like Floki, and Baby Doge Coin, among many others.

The ongoing meme coin mania has heightened the competition in the layer one (L1) blockchain ecosystem led by Solana (SOL). The Binance team through its flagship Binance Chain has now shifted attention to the meme coin industry in a bid to retain its fourth position as the most valuable crypto project.

As Crypto News Flash pointed out, the Solana native coin SOL is well-positioned to surpass BNB fueled by the ongoing meme coin haze. According to the latest market data, top Solana-based meme coins have a total market cap of around $8.3 billion and a daily average trading volume of about $2.3 billion.

Binance Chain Eyes Meme Coin Growth

The Binance team is now eying on meme coin projects with more than 1k valid holders in a meme innovation campaign. As Crypto News Flash reported, participating meme coin projects must have at least one security audit and run an open-source project in the BscScan. Moreover, the Binance team intends to grow its on-chain activity from already thriving meme coin projects.

“Taking place at the intersection of creativity, Web3 culture, and innovation, the campaign is about empowering creators, both seasoned developers and newcomers, to use blockchain technology to bring their ideas to life,” Binance noted.

As for the reward distribution, Binance will be checking on meme coin projects that have a trailing trading volume of at least $2 billion in USDT. Projects with $2 billion to $5 billion in 30-day trailing trading volume will be eligible for $100k in reward pool from Binance.

Meme coin projects that fall between $5 billion and $15 billion will be eligible for up to $300k in rewards. Projects with between $15 billion and $30 billion trailing trading volume will be eligible for up to $600k in dynamic rewards from Binance. Otherwise, Binance will reward up to $1 million in meme coin projects that have achieved more than $30 billion in 30 days trailing trading volume.

BNB Price Action and Midterm Prediction

Despite the regulatory headwinds that faced the Binance ecosystem and its former CEO Changpeng Zhao popularly known as CZ, BNB price has maintained its position as the fourth largest digital asset by market cap. The large-cap altcoin, with a fully diluted valuation of around $85 million, has rallied more than 110 percent since the bullish breakout earlier this year to trade at about $556 on Wednesday, April 3, 2024.

Notably, BNB’s price is only 20 percent away from retesting its all-time high (ATH), around $686 which was set during the 2021 crypto bull run. The BNB macro bullish outlook is bolstered by the weekly Relative Strength Index (RSI), which has remained above the 70 level for the past few weeks.

In the weekly time frame, the BNB price is also bolstered by the first golden cross between the 50 and 200 Moving Averages (MA).