The Avalanche Foundation, the non-profit entity overseeing Avalanche network development, has revealed its intent to buy meme coins through its Culture Catalyst incubator program.
This revelation was made in a post on X (Twitter) on December 29. The post highlighted the significance of meme coins, positioning them alongside NFTs and DeFi tokens.
Meme coins are a cryptocurrency subcategory revolving around internet memes and pop-cultural references. Their value is subject to market sentiments and current viral online trends.
The post emphasized that meme coins are often characterized by their connection to internet culture and humor, aligning with the ethos of Culture Catalyst.
Launched in 2022 with a $100 million budget, Culture Catalyst aims to empower creators and promote blockchain adoption by supporting initiatives that embrace creativity and culture.
Avalanche’s new initiative involves using Culture Catalyst to buy Avalanche-based meme coins and create a collection. The criteria for inclusion in the collection encompass factors such as the number of holders, liquidity thresholds, and project maturity, among others.
Following the announcement, within just 24 hours, the prices of popular Avalanche-based meme coins, including Husky Avax and Coq Inu, experienced notable increases of 29.36% and 14.44%, respectively.
Introduced by Ava Labs in September 2020, Avalanche (AVAX) seeks to provide a scalable blockchain solution that is faster and more cost-effective than other layer-1 smart contract protocols. According to CoinMarketCap data, the current AVAX price is $39.13, reflecting an 84.40% increase in the past month and a 260.02% increase in the past year.