Avalanche Foundation Plans to Support Meme Coins Through $100M ‘Culture Catalyst’ Program

10 months ago 4

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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.

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.

Do you have anything to say about Avalanche meme coins or anything else? Write to us or join the discussion on our Telegram channel. You can also catch us on TikTok, Facebook, or X (Twitter).

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