The Avalanche Foundation, responsible for Avalanche Network development, announced intentions to use its $100 million NFT incubator fund to purchase memecoins. This new move is part of their “Culture Catalyst” initiative launched in March 2022, aiming to support creative ventures on the network, including promising NFT projects.
Their plan involves acquiring select Avalanche-based meme coins, creating a collection that acknowledges and fosters the cultural and entertaining essence represented by these memecoins. Avalanche sees these coins as more than just utilities, viewing them as embodiments of diverse crypto communities’ shared interests and collective spirit.
Observers noted this as the Avalanche Foundation’s move to acquire memecoins, with humorous comments and speculation within the X community. However, Avalanche clarified that not every random memecoin would make it to their collection. They outlined strict criteria, evaluating factors like holders, liquidity, project maturity, fair launch principles, and social sentiment.
One specific memecoin, Coqinu (COQ), featuring a rooster theme, gained significant attention on Avalanche. Despite its acknowledgment of being inherently worthless and lacking a team or roadmap, Coqinu surged over 1.47 million percent from its inception on Dec. 8 to its peak on Dec. 20, highlighting the ongoing market frenzy for memecoins across various blockchain networks capable of handling smart contracts or inscriptions.
Avalanche’s move to embrace memecoins follows a broader market trend where these coins are experiencing widespread attention and activity across different blockchain networks.
