Meme coins are the quirky darlings in the crypto world since 2020. They have now firmly established themselves within the ecosystem. Dogecoin has seen a meteoric rise thanks to Elon Musk. The meme coins are also gaining popularity across many chains.
Avalanche Foundation recently unveiled its intent via Twitter to harness the infectious culture embodied by meme coins through its ‘Culture Catalyst.’ The Foundation will be purchasing Avalanche meme coins to curate a collection that captures the fun and culture of these tokens.
Avalanche, in a significant expansion to their $100 million Culture Catalyst programme launched earlier in march 2022 to support web3 entertainment projects is now extending their support to memes. The Foundation has not yet revealed which meme coins will receive funding through this program.
A stringent set criteria is used to evaluate meme coins that are eligible for support. The criteria include the number and maturity of meme coins, as well as factors like liquidity thresholds, project maturation, fair launch principles, overall social sentiment, etc.
This announcement has sparked a lot of discussion in the crypto community. It is not new to see meme coins integrated into major chains. Ethereum has Shiba Inu, PEPE and Shiba Inu. Solana is witnessing the rise of BONK. Dogecoin is a leader in this field, thanks to its dedicated blockchain.
Avalanche’s move begs the questions: Will other chains follow suit? own ‘memecoin funds’ in the near future?
AVAX, Avalanche’s native token is currently trading for $41.27.
Avalanche’s support of meme coins is a significant step in embracing the changing landscape of cryptocurrency. Avalanche wants to acknowledge the presence of these tokens and leverage their community-driven nature to promote blockchain technology.
Avalanche’s move into meme coins highlights the importance of these assets for driving adoption and recognition in the mainstream.
Do you think Avalanche’s Culture Catalyst Program will set an example for other chains to emulate? Please share your thoughts.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
Source: cryptocoin.news
