Avalanche Foundation Ventures into Meme Coins with $100 Million NFT Initiative
The Avalanche Foundation, a nonprofit overseeing the development of the Avalanche Network, has announced intentions to enter the meme coin market. This initiative involves earmarking a substantial portion of its $100 million NFT incubator fund to acquire meme coins associated with the Avalanche blockchain.
Embracing Meme Coin Culture as outlined in a post dated December 29 on X, this decision aligns with their broader mission to foster and promote new avenues of artistic expression, cultural identity, and lifestyle choices facilitated by the capabilities of blockchain technology.
The foundation intends to utilize this fund to procure “selected Avalanche-based meme coins,” acknowledging and promoting the distinctive culture and amusement embodied by these meme coins.
Dubbed “Culture Catalyst,” this project commenced last year to empower content creators, spark innovative ideas, and facilitate wider adoption of blockchain technologies.
In its communication, Avalanche emphasizes that meme coins represent more than mere functional assets; they embody a collective ethos and shared interests among diverse cryptocurrency communities.
Avalanche asserts that meme coins transcend their basic functional roles, symbolizing a unified ethos and shared interests across diverse cryptocurrency groups.
Nevertheless, not all meme coins will qualify for inclusion in the foundation’s selection.
To be considered for inclusion in their portfolio, meme coins must meet specific criteria, including a substantial holder base, adequate liquidity, project maturity, adherence to fair launch principles, and positive social sentiment, among other factors.
Avalanche’s Rooster-Themed Meme Coin, Coqinu (COQ) has recently gained significant traction within the Avalanche ecosystem.
Despite openly admitting its inherent lack of value and absence of a development team or roadmap, COQ witnessed a staggering 1.47 million percent surge in value within a brief period.
This surge mirrors a larger trend of meme coin popularity across various blockchain networks, indicating a widespread market frenzy.
One instance highlighted a trader turning a $450 investment into over $1.5 million in realized profit using COQ, as per on-chain data from Lookonchain. Overall, the surge of Coqinu on Avalanche is part of a broader trend where traders favor networks like Avalanche and Solana for meme coin trading.
This trend is propelled by lower transaction fees and faster speeds compared to other networks like Ethereum.
