Finance

Simon’s Cat Wins $50k in BNB Meme Heroes Support Program

3 months ago
Bitcoin Ethereum News

In a recent announcement, BNB Chain declared Simon’s Cat (a popular memecoin based on animation created by Simon Tofield) as the winner for the second phase of the “Meme Heroes” support program.

The Simon’s Cat crypto community is in full swing as this memecoin project will receive $50,000 in liquidity pool support. This initiative aims to empower meme projects by providing a liquidity pool helping promising projects to grow within the BNB Chain ecosystem. 

Why is BNB supporting Memecoins?

By supporting such projects, BNB Chain aims to accelerate Web3 adoption and provide funding for projects that reflect real utility. 

Rigorous Selection and Criteria

Since the “Meme Hero” Program will help promote the growth and visibility of the meme coin and will help the winners maintain a stable trading environment, the selection criteria are quite rigorous.

For the projects to be considered for the program, the projects must meet the following criteria: 

  • Liquidity Lock: The project has to lock 100% of its LP for at least a year.
  • Token Supply Contribution: A requirement to add 10% of their total token supply to the LP. 
  • Ownership Distribution: The top 10 externally owned accounts must hold less than 10% of the total supply. 
  • Security Measures: The projects need to verify their tokens’ source code on BscScan or undergo a security audit. 
  • The BNB team also evaluates the trading volume, token holders, and market capitalization. 

Simon’s Cat finished first as per these criteria. 

A New Chapter for Simon’s Cat

With $50,000 LP support, Simon’s Cat is set to expand its reach beyond imagination in the crypto world. This LP will help stabilize the token’s trading environment and attract more investors.

The credibility of this meme coin will also be boosted as this announcement validates its crypto project. There could also be diversification of income sources as Simon’s Cat opens ventures with additional revenue streams. 

BNB with this project is promoting innovation through meme projects and with Simon’s Cat’s victory, it can be concluded that this program is committed to fund potential projects in the crypto ecosystem. 

Also Read: POPCAT Falls Under $0.65: Will SOL Memecoin’s Price Recover?

Source: https://www.cryptonewsz.com/simons-cat-wins-50k-bnb-meme-support-program/