Crypto News – The Avalanche Foundation has made a new decision following the recent surge in tokens like BONK. Accordingly, the foundation said it is considering buying meme coins as part of an initiative that incorporates different areas of the cryptocurrency market.
Avalanche Invests in Meme Coins: Foundation Turns to Meme Coins to Promote Cultural Drive
The foundation stated in a post on X that the selection procedure for the collection would be based on parameters including the number of holders, liquidity thresholds, project maturity, fair launch principles, and general societal sentiment, among other things.
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.
This move complements the Avalanche Foundation’s ongoing engagement across the Avalanche ecosystem, including NFTs, RWAs, and other types of cryptoassets, broadening its portfolio to embrace a more complete spectrum of possibilities.
Avalanche
Meme Coin Prices Rise After Avalanche’s Post
Although some blockchain purists view meme currencies as fraudulent, the popularity of this market segment, driven by tokens like Dogecoin (DOGE) and Shiba Inu (SHIB), may be beginning to influence the perception of investing in them.
According to CoinGecko data, a number of Avalanche-based meme coins have increased in value by up to 25% in the last day, with the majority of these increases occurring following Avalanche’s post. These coins include COQ, Husky (HUSKY), and Shibx (SHIBX).
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