The Open Network project, also known as TON Foundation, has implemented an innovative strategy to incentivize meme coin traders and foster the growth of its ecosystem. In a move that coincides with Toncoin’s (TON) recent surge to a new all-time high, the foundation airdropped 300,000 TON tokens, worth approximately $2.19 million, to the most active meme coin traders on the DeDust and Ston.fi platforms.
To be eligible for the airdrop, traders had to actively participate in meme coin transactions on DeDust and Ston.fi between March 4 and April 10. Additionally, users were required to trade whitelisted meme coins on the network to accumulate points, a rapidly rising reward system implemented by the TON Foundation.
According to the team’s announcement, participants could earn up to 90 free tokens per wallet. However, the snapshot disqualified Sybil addresses, ensuring that no coins were received by bad actors attempting to game the system.
The airdrop announcement comes on the heels of Toncoin’s impressive rally, which saw the token break its all-time high (ATH) once again. Prior to the news, Toncoin’s price surged by over 14% in 24 hours, reaching a staggering $7.65 per token. However, following the airdrop announcement, TON retraced slightly, falling 5% to $7.22.
The TON Foundation’s move to reward meme coin traders is a strategic decision aimed at capitalizing on the meme frenzy that has swept the cryptocurrency market. The rise of meme coins has been nothing short of remarkable, with tokens like Dogwifhat (WIF) and Book of Meme (BOME) on the Solana blockchain amassing billions in market cap and turning early supporters and buyers into overnight crypto millionaires.
By incentivizing meme coin trading and investing on its blockchain, the TON Foundation is positioning itself as a hub for the burgeoning meme coin ecosystem. This move not only rewards active participants but also serves as a catalyst for further growth and adoption of the TON ecosystem, cementing its position as a formidable player in the rapidly evolving cryptocurrency landscape.
