See More

Avalanche Foundation Plans to Support Meme Coins Through $100M ‘Culture Catalyst’ Program

2 mins
Updated by Kyle Baird
Join our Trading Community on Telegram

In Brief

  • Avalanche Foundation plans to utilize its $100M Culture Catalyst fund to support select meme coins based on their chains.
  • The foundation will evaluate meme coins based on criteria such as holder count, liquidity threshold, project maturity, fair launch principles, and social sentiment.
  • While Dogecoin and other meme coins gain popularity across various chains, community members wonder if other chains will follow Avalanche's lead.
  • promo

The Avalanche Foundation will use the $100 million Culture Catalyst fund to purchase the meme coin based on its chain.

Particularly since 2020, meme coins have become an integral part of the crypto ecosystem. Dogecoin achieved immense popularity due to Elon Musk’s support, and gradually, almost every chain started having its version of meme coins.

Avalanche Will Purchase Meme Coins That Ticks Several Criteria 

On Friday, Avalanche Foundation announced via X (Twitter):

“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.”

In March 2022, Avalanche launched a $100 million Culture Catalyst program to fund web3 entertainment projects. Now, the same fund will also be used to support meme coins. However, Avalanche Foundation has not yet named any meme coins that will receive funding through its Culture Catalyst program.

Read more: 11 Hot Meme Coins and Altcoins that Trend in 2023

It will analyze meme coins based on certain selected criteria before supporting them. Some of these criteria are:

  • Number of holders
  • Liquidity threshold
  • Project maturity
  • Principles of a Fair Launch
  • Overall social sentiment 

A community member wrote on X (Twitter):

“$AVAX Foundation is apeing into memecoins. Wether you like it or not memecoins are one of the best ways to increase adoption.”

Indeed, meme coins are part of every major chain. For instance, Ethereum has Shiba Inu (SHIB) and PEPE. BONK is gaining popularity in Solana. Whereas Dogecoin has its own blockchain.

That being said, community members wonder if other chains will follow the Avalanche suit and launch their own “memecoin fund.”

As of writing, Avalanche’s native token, AVAX, is trading at $41.27.

Avalanche (AVAX) Price. Source: BeInCrypto
Avalanche (AVAX) Price. Source: BeInCrypto

Read more: How To Buy Avalanche (AVAX) and Everything You Need To Know

Do you have anything to say about Avalanche meme coins or anything else? Write to us or join the discussion on our Telegram channel. You can also catch us on TikTok, Facebook, or X (Twitter).

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.

Top crypto projects in the US | July 2024
Harambe AI Harambe AI Explore
Uphold Uphold Explore
Exodus Exodus Explore
Coinbase Coinbase Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | July 2024
Harambe AI Harambe AI Explore
Uphold Uphold Explore
Exodus Exodus Explore
Coinbase Coinbase Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | July 2024

Trusted

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

Frame-2264-1.png
Harsh Notariya
Harsh Notariya is a journalist at BeInCrypto, who writes about various topics, including decentralized physical infrastructure networks (DePIN), tokenization, crypto airdrops, decentralized finance (DeFi), meme coins, and altcoins. Before joining BeInCrypto, he was a community consultant at Totality Corp, specializing in the metaverse and non-fungible tokens (NFTs). Additionally, Harsh was a blockchain content writer and researcher at Financial Funda, where he created educational reports on...
READ FULL BIO
Sponsored
Sponsored