Fantom Ecosystem Meme Coin Getting Started Guide
Fantom is a layer 1 blockchain that launched in 2019 and it current has a market cap of roughly $2.3 billion. It took some time for the FTM token to gain traction but it did see a nice jump (up to $3.00) in the 2021 bull run. Like all other altcoins, $FTM was hit hard during the 2022 and 2023 bear market with the coin going as low as .16 cents. Fantom has bounced back with a vengeance in the early stages of this new 2024 bull market and has broken the $1.00 resistance line numerous times already. It feels like 2024 could be a breakout year for the Fantom blockchain as it’s ecosystem continues to expand.
NFTs and DeFi are gaining traction on Fantom as more attention and liquidity flows into the blockchain. Meme coins on Fantom, Sei, Solana, Avalanche, and Sui are where my focus lies at the moment for a couple reasons. First, meme coins on all chains have dominated the overall crypto narrative in 2024 and that shows no sings of slowing down. Second, meme coins are a great way to start with a small investment in a new crypto ecosystem and expand your portfolio size. When I say small, I mean you can literally invest $50 into a bag of $FTM and then leverage the ecosystem meme coins to 10, 50, 100, or even 1,000x your size. In this Stouy tutorial, I’ll show you how to get started on Fantom and use meme coins to grow your $FTM portfolio size so let’s get started.
Watch our video below to see how to get started with Fantom ecosystem meme coins step-by-step…
Getting Started in the Fantom Crypto Ecosystem
The first step in the process of getting into Fantom or any layer 1 blockchain is to purchase some of the underlying tokens. The ticker for Fantom is $FTM and you can buy it on a variety of centralized and decentralized exchanges. My recommendation is to use Kraken for your initial $FTM purchase because you’ll get Fantom Opera network native tokens. I made the mistake of using Coinbase when I bought my first bag of Fantom. When I transferred them off the centralized Coinbase exchange to my MetaMask wallet, they came over on the Ethereum network. It was time consuming and cost plenty in $ETH gas to bridge them to Fantoms Opera network. For that reason, I highly recommend opening an account with Kraken to buy your FTM coins.
Once you have a Kraken account and have made your initial purchase, the next step is to transfer them to your MetaMask wallet. Before transferring the tokens off Kraken, add the Fantom network to your MetaMask Wallet. Follow the instructions below to add Fantom to MetaMask…
Log into your MetaMask wallet and you’ll that it’s set to Ethereum Mainnet by default. We need to add the Fantom Network so to do that click on “Network”, then click on “Add Network”. Your MetaMask wallet will open in a new tab and at the bottom you’ll see a link to “Add a network manually”, click on it. Enter the information below:
Network Name: Fantom Opera
RPC URL: https://rpc.ankr.com/fantom/
ChainID: 250
Symbol: FTM
Block Explorer URL: https://ftmscan.com/
Now that you’ve added the Fantom Opera network to your MetaMask wallet, you’re ready to receive $FTM from your Kraken account. The next step is to log into your Kraken account and click on “Transfer Crypto”. Click on “Withdraw” and select “Fantom” from the drop-down. Next, copy your MetaMask receive address (make sure your on the Fantom Opera Network) and paste it in the “withdrawal address” in Kraken. Enter the amount of $FTM you want to transfer out and click on “Withdraw FTM”. The Fantom blockchain is extremely fast like Sei so it typically takes just a few seconds for your $FTM tokens to show up in your MetaMask wallet.
Please note: If your Kraken account is brand new, you’ll have to wait roughly 1 to 3 days for the exchange to verify your information before you can withdraw FTM or any crypto token to a self-custody web3 wallet like MetaMask.
Use Dex Screener to Find Fantom Ecosystem Meme Tokens to Trade
Once you have $FTM in your MetaMask wallet, you’re ready to begin trading Fantom ecosystem meme coins. SpookySwap is the top DEX (decentralized exchange) on Fantom and is where you’ll trade meme coins. Dex Screener is where you’ll go to find Fantom ecosystem tokens to trade.
In this Fantom meme coin tutorial, I’m going to purchase TinHatCat $THC. The process for trading meme coins on Fantom is the same for all tokens, I’m just using $THC in this example…
Go to the SpookySwap DEX and connect your MetaMask wallet. Next go to Dex Screener and open TinHatCat $THC. Copy the contract address which you’ll find next to the ticker symbol a the top-right of the page. Now that you have the contract address copied for $THC, go back to SpookySwap and paste it in the “You receive” bottom field. In the “You pay” top field select FTM. Enter the amount of $FTM you want to swap for $THC (or whatever Fantom meme token you want) and click the “Swap” button. Fantom is not only fast, but the fees are extremely low making it ideal for meme coin trading similar to what you experience on Solana.
Once the swap is complete, the final step is to add the $THC token to your MetaMask wallet. Copy the $THC contract address (which you’ll find on Dex Screener) and in MetaMask click on “Import tokens”. Simply paste the meme token address in, click “Next”, and your $THC will show up in your MetaMask wallet. Again, in this example we swapped $FTM for TinHatCat $THC but the process is the same no matter what tokens you trade.
In my opinion, meme coins are a great way to enter Fantom (or any layer 1 blockchain) ecosystem with a small investment and have the potential for it to grow into a bigger bag. Meme coins on all chains started out as taboo but have gained traction and have shown they can explode. On the flip side, most meme coins go to zero so it’s very important to do your own research and find projects that have long-term potential. Meme coins are really not that much different than NFT projects in terms of risk and they typically have much better liquidity. With NFTs, it’s hard to get liquid if no one is buying the project you hold. With meme coins, you can typically sell at any point which is really nice. If you decide to dive into the Fantom ecosystem, my recommendation is to start small and go slow. Use meme coins to make more $FTM and try to have some fun along the way.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.
