To take advantage of the increasing interest in meme tokens in the cryptocurrency market, BNB Chain, a prominent smart contract blockchain platform, has initiated a special program to attract memecoin developers.

The blockchain has revealed a funding pool of up to $1 million, specifically allocated to encourage developers who opt to create their memecoin projects on the platform.

This effort is part of BNB Chain's larger plan to promote the growth of the memecoin sector within its network.

The company expressed its desire to enhance the memecoin ecosystem's development in a statement to Cointelegraph, highlighting its dedication to advancing innovation in this area.

Developers interested in taking part in this opportunity can join the "Meme Innovation Campaign" introduced by BNB Chain.

Running from April 10 to May 9, this campaign aims to promote the implementation of memecoin projects on the platform.

BNB Chain stresses the campaign's significance in connecting creativity, Web3 culture, and innovation, encouraging both experienced developers and beginners to explore blockchain technology's potential in bringing their creative ideas to life.

The competition, however, sets forth several demanding criteria that participants must satisfy.

One notable requirement is achieving a minimum trading volume of $2 billion for memecoins to qualify for the smallest reward tier, with a $30 billion trading volume threshold established for the top prize of $1 million.

Other conditions include undergoing at least one security audit, sharing the project code on BscScan publicly, having more than 1,000 new tokenholders for the project, and having an active presence on social media platforms like Telegram and Discord.

BNB Chain's initiative comes amidst a significant surge in the popularity of meme-focused tokens in the crypto space, with the total market capitalization of these tokens hitting $70 billion on April 1.

This rise was propelled by the emergence of new tokens like Dogwifihat (WIF) and Book of Meme (BOME), in addition to the growth of established meme tokens such as Pepe and Bonk (BONK).

BNB Chain is not alone in its efforts to support memecoin development; several other blockchain networks, including the Avalanche Foundation, have introduced programs to encourage the growth of memecoins, offering substantial rewards to liquidity providers involved in selected memecoin projects.