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The Avalanche Foundation, known for its stewardship of the Avalanche network, recently announced a bold new venture. Under the moniker of the “Culture Catalyst” program, the Foundation has declared its intention to acquire a varied selection of meme coins. This move is seen as an effort to diversify its holdings and integrate a broader range of possibilities into its portfolio.
In an informal communication via X (formerly Twitter), the Foundation expressed its plan to selectively purchase meme coins that are part of the Avalanche ecosystem. The criteria for selection are multifaceted, encompassing aspects such as the project’s longevity, the principles of its initial launch, the level of liquidity, the number of current holders, and the general sentiment in social media circles.
Last year, the Avalanche Foundation launched Culture Catalyst, a program aimed at empowering creators, sparking innovation, and propelling the adoption of blockchains. This initiative seeks to better position Avalanche to cultivate and support the many new forms of creativity,…
— Avalanche 🔺 (@avax) December 29, 2023
The Foundation’s rationale behind this investment is intriguing. They perceive meme coins as more than just utility assets; to them, these coins symbolize the shared values and communal spirit of diverse cryptocurrency groups.
The phenomenon of meme coins, typically tokens inspired by internet memes and jokes, has seen significant traction in social media. Dogecoin, the archetype of meme coins, started off as a playful take on the growing number of alternative coins. However, its value has been subject to the whims of internet culture, with notable influences like Elon Musk’s tweets causing fluctuations in its price. Similarly, other tokens have emerged, often themed after topical events or public personalities, like the Floki Inu cryptocurrency, named after Musk’s pet.
Despite their popularity, meme coins are often viewed skeptically by financial experts. Thomas Kralow, founder of University Grade Trading Education, voiced his concerns to online publication Decrypt, highlighting the lack of sustainable support for these coins once the initial hype dissipates. He likened investing in meme coins to gambling, given their unstable nature.
Meme Coins to be Included in the Collection
In their quest to curate a meme coin collection, Avalanche has set specific standards for eligibility. Not every meme coin will make the cut. Factors like the number of holders, project maturity, liquidity thresholds, principles of a fair launch, and overall social sentiment are crucial in their selection process.
One particular meme coin that has caught the Avalanche community’s attention is Coqinu (COQ), a rooster-themed token. Despite its admission of having no intrinsic value or a defined team and roadmap, COQ saw an extraordinary spike in value, as reported by DexScreener.
The current market frenzy surrounding meme coins is not confined to Avalanche but is widespread across various blockchain networks that support smart contracts. This trend has led to astonishing financial gains for some traders. For instance, one trader turned a modest investment into a fortune by trading in COQ, with a significant amount of the token still in possession.
Simultaneously, the market for Non-Fungible Tokens (NFTs) has shown signs of revival. DappRadar reported a substantial increase in trading volume, marking a turnaround from the previous downward trend. This resurgence in NFT trading provides a glimmer of hope for projects that have faced challenges throughout the year.
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