Avalanche Foundation, the nonprofit organization overseeing the development of the Avalanche Network, has announced its intention to utilize its $100 million nonfungible token (NFT) incubator fund to purchase memecoins. This decision, revealed in a post on X (formerly Twitter) on December 29, is part of the foundation’s ‘Culture Catalyst’ initiative. Launched in March 2022, this $100 million program initially focused on funding promising NFT projects on the Avalanche Network.
Avalanche buys memecoin in the name of ‘culture’
The foundation articulated that the “Culture Catalyst” initiative aims to strategically position Avalanche in supporting and nurturing the diverse forms of creativity, culture, and lifestyle enabled by blockchain technology. In further detail, the foundation explained that it will leverage the fund to acquire specific Avalanche-based meme coins, forming a unique collection. The goal is to acknowledge and promote the cultural and entertaining aspects represented by meme coins. According to Avalanche, memecoins transcend mere utility assets and embody the collective spirit and shared interests of various crypto communities.
Summarizing the announcement, one observer on X humorously remarked, “TLDR: Avalanche Foundation to buy memecoins.” Another user on X added a playful comment, stating, “We will be max bidding all memecoins on our chain.
However, it’s important to note that not just any random and valueless memecoin will make its way into the foundation’s collection. Avalanche has made it clear that a rigorous selection process will be implemented for all potential additions to their portfolio.
“The criteria for this collection involve multiple key factors, such as the number of holders, liquidity thresholds, project maturity, adherence to fair launch principles, and the general social sentiment surrounding the memecoin, among other considerations.”
One memecoin that has recently taken center stage in the Avalanche narrative is Coqinu (COQ), characterized by its rooster-themed motif. It’s worth noting that this particular choice might carry a not-so-subtle reference to something rather phallic.
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