The Avalanche Foundation allocated $100 million last year to launch the “Culture Catalyst” fund for arts and entertainment projects, aiming to provide resources to creators, stimulate innovation, and promote the adoption of blockchain. Today, the Avalanche Foundation announced that it will start using the fund’s budget to invest in meme coins within the Avalanche ecosystem, encouraging the cultural and fun aspects symbolized by meme coins and treating them as collectibles.
The Avalanche Foundation explained in the announcement:
The selection process for meme coins by the Avalanche Foundation will be based on several key criteria, including the number of holders, liquidity threshold, project maturity, principles of fair launch, and overall social sentiment.
After the news was released, the meme coin COQ in the Avalanche ecosystem temporarily surged by over 60%, but quickly fell back by 20%.
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