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

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.
#BullorBear #Memeoins #FANTOM.