The Avalanche Foundation, which 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 technology. Today, the Avalanche Foundation announced that it will begin utilizing the fund’s budget to invest in meme coins within the Avalanche ecosystem, encouraging the cultural and fun aspects represented by these meme coins and considering them as collectibles.
The Avalanche Foundation explained in the announcement that the selection process for meme coins will be based on several key criteria, including the number of holders, liquidity thresholds, project maturity, principles of fair launch, and overall social sentiment.
After the news was released, the meme coin COQ within the Avalanche ecosystem briefly surged over 60%, but quickly dropped back down by 20%.
