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BNB Chain, the latest company to tap into the memecoin hype, is offering a reward to attract developers to its blockchain network. Crypto observers say that memecoin projects have made this bull market quite strange. Meanwhile, it has been reported that Sam Bankman-Fried claims he never thought his actions were illegal. Here are three significant developments that have marked the crypto market in the last 24 hours, compiled for you.
BNB Chain’s Memecoin Initiative
The smart contract blockchain network BNB Chain is trying to attract memecoin developers to its ecosystem amidst the notable growth of memecoin projects in the crypto ecosystem. BNB Chain has announced a budget of up to 1 million dollars to reward developers who integrate memecoin projects into the network.
Interested developers can apply to participate in the network’s Meme Innovation Campaign, which will take place from April 10 to May 9, during which they can present their memecoin projects to users on the network.
Apart from BNB Chain, other blockchain networks have also started to encourage the development of memecoin projects within their ecosystems. The Avalanche Foundation continued its memecoin initiative by offering a 1 million dollar reward to memecoin liquidity providers on March 22. Those providing liquidity to selected memecoin projects are eligible to receive a portion of the rewards.
Memecoins Leave Their Mark on the Bull Market
Crypto industry analysts say that Bitcoin reaching its all-time high early and the rush to memecoin projects before Bitcoin’s halving event have made this bull market the strangest on record. Chainlink community officer Zach Rynes commented on the issue in an April 1 post:
“I think most people agree that this bull market is strange.”
In the past, funds typically flowed first to Bitcoin, then to Ethereum, and only after to other high-volume tokens before speculative tokens. However, this time the market skipped several steps seen in previous cycles, with flows moving directly from Bitcoin to memecoin projects. Ethereum educator Anthony Sassano, having spent about a decade in the crypto sector, stated:
“I can say with complete confidence that this is the strangest bull market crypto has ever had.”
Bankman-Fried’s Confessions Make Headlines
Former FTX CEO Sam Bankman-Fried responded to questions after being sentenced to 25 years in prison last week, saying, “I never thought what I did was illegal.” ABC News reported that the FTX co-founder has been answering questions via email from the Metropolitan Detention Center in Brooklyn, New York, where he has been held since last August. Bankman-Fried stated in his remarks:
“I can’t stop thinking about what I’ve lost every day. I never intended to hurt anyone or take anyone’s money.”
The celebrity blamed poor decisions for the bankruptcy of FTX and its sister trading company Alameda Research but claimed he never acted selfishly. Following last week’s verdict, Bankman-Fried is expected to remain in federal prison until he is 57. He announced that he would appeal the decision.
