Avalanche Foundation buys into meme coin craze with planned token purchases
AVAX price reacts positively to Avalanche's meme coin initiative.
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Today, the Avalanche Foundation announced its plan to incorporate meme coins into its Culture Catalyst program, which aims to empower creators, spark innovation, and propel the adoption of blockchains.
Meme coins are cryptocurrencies born from internet memes and viral trends. More than digital assets, they represent online communities united by humor and shared cultural touchpoints. Though often lacking the robust utility promised by mainstream cryptocurrencies, meme coins possess valuable social functions that transcend pure technology.
The criteria for selecting meme coins, according to the Foundation, will be:
“The selection process for this collection is based on several key criteria, including the number of holders, liquidity thresholds, project maturity, principles of a fair launch, and overall social sentiment, among other factors.”
This development aligns well with the Foundation’s broader strategy to extend across various crypto asset categories, including NFTs, Real World Assets (RWAs), and other innovative crypto asset types. By including meme coins in its portfolio, the Foundation is broadening its embrace
After the Avalanche Foundation announced the purchase of meme tokens, CoinGecko’s data showed significant increases. Over the last 24 hours, the price of AVAX surged by 6% to reach $41.5.
Recently, Coq Inu (COQ), a meme coin, gained momentum within the Avalanche ecosystem. As the first meme coin launched on this blockchain, it boasts a market capitalization exceeding $110 million and enjoys a robust presence on social media. According to its community members, COQ aims to rival the success of coins like Dogecoin, Shiba Inu, and Bonk.
As blockchains like Solana and Avalanche proliferate with new meme token projects, meme coins appear poised to trend in 2024. The Avalanche Foundation seeks first-mover advantage by positioning its meme coin initiative ahead of the curve.