Why Andre Cronje believes meme coins will grow on Phantom.

Fantom is the latest layer 1 blockchain to actively host meme coins amid the wave of explosive growth these assets have seen.

Andre Cronje, founder of the network, revealed his ongoing investigation into meme coins and their potential integration into Phantom.

Phantom André Cronje Community Safe mm coins

Cronje revealed that he is currently working on designing a framework for launching, maintaining and protecting community-oriented meme coins. However, this effort has left him feeling frustrated by the volatility and limited utility associated with these digital assets.

Still, this initiative hints that Fantom will soon enter the expanding array of smart contract networks that facilitate the easy creation and exchange of memecoins.

Since the beginning of the year, meme coins have seen a surge in interest among cryptocurrency investors. In particular, various blockchains such as BNB Chain and Avalanche have issued incentives to attract meme coin developers to these networks.

According to Blockchain Analytics Platform IntoTheBlock, the collective value of this sector has nearly tripled, reaching a market capitalization of $56 billion. The rise of several Solana-based meme coins such as Dogwifihat (YF) and Book of Meme (BOME) fueled this revival. Meanwhile, other established meme coins such as Dogecoin, Shiba Inu and Pepe have seen significant increases this year.

Read more: 7 Hot Meme Coins and Altcoins Trending in 2024

Surprisingly, meme coins have flourished in ecosystems that feature minimal fees. For example, Solana has seen more high trading days than Ethereum this quarter alone. This increased network activity has led to a significant push to record trading levels on Solana.

However, the proliferation of automated bots has impacted Solana's network performance.

“Demand for MEM Coins is the highest since Q2 2021. Although interest rates remained high and no challenger checks were sent, appetite for seemingly worthless crypto-assets was strong. It's not clear if this is due to the economy overheating or perhaps growing “financial nihilism,” but meme coins have become a hot topic in crypto over the past few months, said IntoTheBlock's head of research, Lucas Outumuro.

While there is a lot of hype surrounding meme coins, there are still many concerns, especially regarding their security and lack of practical applications.

These concerns prompted Ethereum founder Vitalik Buterin to discuss the potential societal benefits of meme coins. Buterin emphasizes that these properties can serve as tools for uplifting and uniting communities and for social good and recreation.