The Avalanche Foundation, the organization behind the Avalanche Blockchain, has announced its intention to create an investment portfolio dedicated to meme-coins. This move shows that the project is aware of the evolving importance of this segment within the ecosystem. It also represents a strategic leap into an area that crypto enthusiasts are increasingly interested in. Following this development, the price of Avalanche-based meme coins skyrocketed.
Avalanche Foundation expands investment portfolio with meme coins
Funds earmarked for the investment will be drawn from Culture Catalyst, a $100 million incubation fund announced by Avalanche in early March 2022. The main purpose of this fund is to encourage innovation and new content creation by enriching the ecosystem. Notably, last year Avalanche launched the Culture Catalyst program to empower creators and encourage blockchain adoption. Thus, this set the stage for this latest venture.
cryptokoin.comAs you follow from , meme-coins are now an integral branch of crypto assets. They have demonstrated a notable presence alongside established categories such as DeFi tokens, NFTs, and governance coins. Reflecting internet culture and humor, these tokens go beyond pure utility. Thus, it embodies the collective ethos of various crypto communities.
Avalanche-based meme coins are on the rise
Following this development, Avalanche-based meme coins started to move north. Especially Husky (HUSKY) and Coq Inu (COQ) made strong moves. Among these, the price of Husky (HUSKY) made a vertical rise after the development. The token witnessed an increase of over 66% in a short period of time. HUSKY was continuing its rise at press time.
The price of Coq Inu (COQ), another AVAX-based meme coin, has also started to rise. COQ price increased by over 15% during the day.
This move has strategic importance for the Blockchain ecosystem.
The Avalanche Foundation’s decision to include meme-coins in its Culture Catalyst strategy underscores a broader effort to embrace all possibilities in the crypto landscape. This move is in line with the Foundation’s active participation in various crypto asset categories across the ecosystem. It also expands its scope to cover a wider range of opportunities. The selection process for meme-coins in this collection will depend on certain criteria, including the number of owners, liquidity thresholds, project maturity, fair launch principles, and overall social responsiveness. This process underscores the Foundation’s commitment to promoting diversity and cultural significance in the crypto space.
The cryptocurrency market began to show signs of revival in the last three months of 2023. This period was also partly driven by speculative activities surrounding meme-coins. Meme coins have witnessed significant growth among layer-1 blockchains. Notable names like Solana’s Bonk (BONK) and Avalanche’s Coq Inu (COQ) have produced significant gains for investors. It has also generated millions of dollars in returns on minimal initial investments.
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