Why Avalanche Foundation Is Using $100M Fund for Meme Coins
The Avalanche Foundation will use the $100 million Culture Catalyst fund to purchase the meme coin based on its chain.
Particularly since 2020, meme coins have become an integral part of the crypto ecosystem. Dogecoin achieved immense popularity due to Elon Musk’s support, and gradually, almost every chain started having its version of meme coins.
Avalanche Will Purchase Meme Coins That Ticks Several Criteria
On Friday, Avalanche Foundation announced via X (Twitter):
“The Avalanche Foundation intends to start using Culture Catalyst to recognize and encourage the culture and fun symbolized by meme coins by purchasing select Avalanche-based meme coins to create a collection.”
In March 2022, Avalanche launched a $100 million Culture Catalyst program to fund web3 entertainment projects. Now, the same fund will also be used to support meme coins. However, Avalanche Foundation has not yet named any meme coins that will receive funding through its Culture Catalyst program.
Read more: 11 Hot Meme Coins and Altcoins that Trend in 2023
It will analyze meme coins based on certain selected criteria before supporting them. Some of these criteria are:
- Number of holders
- Liquidity threshold
- Project maturity
- Principles of a Fair Launch
- Overall social sentiment
A community member wrote on X (Twitter):
“$AVAX Foundation is apeing into memecoins. Wether you like it or not memecoins are one of the best ways to increase adoption.”
Indeed, meme coins are part of every major chain. For instance, Ethereum has Shiba Inu (SHIB) and PEPE. BONK is gaining popularity in Solana. Whereas Dogecoin has its own blockchain.
That being said, community members wonder if other chains will follow the Avalanche suit and launch their own “memecoin fund.”
As of writing, Avalanche’s native token, AVAX, is trading at $41.27.
Read more: How To Buy Avalanche (AVAX) and Everything You Need To Know
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