Avalanche Foundation Dives into Memecoin Market with $100 Million NFT Initiative
The Avalanche Foundation, the nonprofit organization overseeing the development of the Avalanche Network, aims to allocate its $100 million non-fungible token (NFT) incubator fund to purchase memecoins.
The move is part of the foundation’s “Culture Catalyst” initiative, which was initially launched in March 2022 to support promising NFT projects on the network.
The Avalanche Foundation plans to leverage the fund to create a collection of select Avalanche-based memecoins through this new initiative.
The goal is to recognize and encourage the culture and fun associated with meme coins, which the foundation believes go beyond their utility value.
According to Avalanche, memecoins symbolize the collective spirit and shared interests of diverse crypto communities.
One user on X (formerly Twitter) summarized the news by stating, “TLDR: Avalanche Foundation to buy memecoins.”
Another user humorously added, “We will be max bidding all memecoins on our chain.”
However, not all memecoins will be eligible for inclusion in the foundation’s collection.
Avalanche clarified that stringent selection criteria will be applied, including factors such as the number of holders, liquidity thresholds, project maturity, principles of a fair launch, and overall social sentiment.
Recently, one memecoin that has gained significant attention within the Avalanche community is Coqinu (COQ), a rooster-themed token.
Despite openly acknowledging its lack of intrinsic value and absence of a team or roadmap on its official website, COQ experienced a staggering surge of over 1.47 million percent between its inception on December 8 and its all-time high on December 20, according to DexScreener data.
Avalanche’s announcement comes amidst a
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