In a bid to take advantage of the growing interest in meme tokens in the cryptocurrency market, BNB Chain, a prominent smart contract blockchain, has initiated a special program to attract memecoin developers. The blockchain has revealed a funding pool of up to $1 million, specifically designated to motivate developers who opt to create their memecoin projects on its platform.

This move is part of BNB Chain's wider plan to encourage the growth of the memecoin sector on its network. The company expressed its ambition to enhance the growth of the memecoin ecosystem, highlighting its dedication to promoting innovation in this particular area.

Developers interested in seizing this opportunity are encouraged to take part in the "Meme Innovation Campaign" organized by BNB Chain. This campaign, scheduled from April 10 to May 9, aims to promote the development of memecoin projects on the platform.

BNB Chain underscores the campaign's significance in connecting creativity, Web3 culture, and innovation, urging both seasoned developers and newcomers to explore the potential of blockchain technology in bringing their creative concepts to life.

Nevertheless, the competition outlines several demanding criteria that participants need to fulfill. One notable requirement is reaching a minimum trading volume of $2 billion for memecoins to qualify for the lowest reward tier, with a $30 billion trading volume threshold established for the top prize of $1 million.

Additional prerequisites include undergoing at least one security audit, making the project code publicly accessible on BscScan, ensuring the project has over 1,000 new tokenholders, and maintaining an active presence on social media platforms like Telegram and Discord.

BNB Chain's initiative coincides with a notable increase in the popularity of meme-focused tokens in the crypto sphere, with the total market capitalization of these tokens hitting $70 billion on April 1. This surge was driven by the emergence of new tokens such as Dogwifihat (WIF) and Book of Meme (BOME), alongside the growth of established meme tokens like Pepe and Bonk (BONK).

BNB Chain is not the only player in the effort to support memecoin development; other blockchain networks, including the Avalanche Foundation, have also introduced programs to nurture the expansion of memecoins, offering significant rewards to liquidity providers for selected memecoin projects.