Avalanche Foundation to Hop Onto the Meme Coin Train, Announces Investment in Selected Projects

The Avalanche Foundation, an establishment that funds avalanche initiatives, has not too long ago introduced that it’ll begin investing in meme cash. These purchases can be made utilizing funds from the $100 million Culture Catalyst fund launched in 2022, and the tokens can be chosen primarily based on their variety of holders, liquidity thresholds, and mission maturity, amongst different components.

Avalanche to Invest in Meme Coins Using $100 Million Culture Catalyst Fund

The Avalanche Foundation has introduced that it’s taking a place in meme cash. In a latest X publish, the inspiration revealed that it’ll spend money on chosen meme cash, broadening its portfolio as a part of a complete transfer to embrace “a more complete spectrum of possibilities.”

This funding can be made utilizing Culture Catalyst, a fund launched in 2022 throughout the Avalanche Summit in Barcelona. The establishment will use a part of the $100 million fund, initially targeted on “helping to cultivate and support the many new forms of creativity, culture, and lifestyle that blockchain enables,” to buy these tokens.

The basis remarked on the relevance of this type of token in at this time’s crypto market, stating that they “go beyond mere utility assets; they represent the collective spirit and shared interests of diverse crypto communities.” The meme tokens to be a part of Avalanche’s investments can be chosen primarily based on their variety of holders, liquidity thresholds, mission maturity, rules of a good launch, and total social sentiment, amongst different points.

Emin Gün Sirer, founder and CEO of Ava Labs, acknowledged that, at first, he couldn’t perceive the attraction of meme cash. Nonetheless, this has modified, and he now acknowledges the worth of those tokens as a part of the crypto ecosystem. He stated:

It took me some time to see the worth of memecoins myself. I wasn’t blissful when Elon was pumping Doge. It additionally took some time for me to see the worth of high-end NFTs. But I now perceive the cultural significance of cash which might be simply social signaling mechanisms.

The meme coin financial system skilled vital progress this month, reaching a market cap of just about $24 billion on December 9.

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