It’s a bold move, but the Avalanche Foundation has unveiled plans to venture into the realm of meme coins. This strategic shift marks a significant acknowledgment of the rising influence of meme tokens in the broader crypto-asset arena.
Under the banner of its Culture Catalyst initiative, a groundbreaking $100 million creator program initiated by Avalanche in March 2022, the foundation disclosed its intent to acquire select meme coins. Described as more than just utility assets, meme coins are hailed as expressions of the collective spirit and shared interests within diverse crypto communities.
The Culture Catalyst will serve as the vehicle through which the foundation aims to recognize and foster the culture embodied by meme coins. By selectively purchasing Avalanche-based meme coins, the foundation seeks to curate a unique collection, expanding the Culture Catalyst portfolio to encompass a comprehensive spectrum that already includes non-fungible tokens (NFTs) and real-world assets (RWAs).
The selection process for meme coins will hinge on key criteria, including the number of holders, liquidity thresholds, project maturity, and overall social sentiment. Notably, the foundation is committed to embracing meme coins that adhere to principles of fairness, characterized by transparent and equitable launches, eschewing token presales, pre-mines, or venture-capital fundraising.
Last year, the Avalanche Foundation launched Culture Catalyst, a program aimed at empowering creators, sparking innovation, and propelling the adoption of blockchains. This initiative seeks to better position Avalanche to cultivate and support the many new forms of creativity,…
— Avalanche 🔺 (@avax) December 29, 2023
The announcement underscores a paradigm shift in the perception of meme coins. Once relegated to the fringes of the crypto ecosystem, these tokens, epitomized by the likes of DOGE, SHIB, and BONK, are gradually gaining legitimacy. Institutions are now exploring ways to integrate meme coins into their portfolios, recognizing that the traditional prerequisite of a stated utility might not be as crucial as once believed.
Avalanche, a robust blockchain platform with $895 million in total value locked in its smart contracts, has experienced remarkable growth. Its native token, AVAX, has surged by 275% in the past year, reaching $40.24 at press time. COQ, Avalanche’s premier meme coin by trading volume, launched in December and has swiftly amassed a market capitalization of $118 million.
