Avalanche Foundation announced today that it will purchase meme coins issued on the Avalanche platform through its Culture Catalyst program and establish a dedicated collection. It believes that meme coins not only serve as practical assets but also represent the collective spirit of the crypto community. Additionally, the Avalanche Foundation will select meme coins based on several key criteria, including the number of holders, liquidity threshold, project maturity, adherence to fair launch principles, and overall community sentiment.
The decision of the Avalanche Foundation to purchase meme coins has received mostly positive reactions from the community. Users such as stonkrates expressed their support, stating that they are glad to see the higher-ups in the Avalanche ecosystem recognizing the advantages of meme coins in attracting people to the blockchain space. BowTiedNightOwl, who has over 20,000 followers, pointed out that this decision could trigger a new trend of public blockchain platforms openly supporting meme coins. He emphasized the need for Avalanche developers, such as Mejias, to publicly disclose the selection process guidelines so that teams have more motivation to meet the criteria for being chosen.
However, there are also some skeptics among the community who have requested the specific address of the meme coin purchases made by the foundation. Additionally, Adam Cochran, a partner at Cinneamhain Ventures, questioned this decision and humorously suggested that it contradicts the serious image of Avalanche co-founder Emin Gün Sirer. He sarcastically simulated the foundation’s thought process, implying that the foundation may have chosen to purchase these meme coins themselves due to a lack of buyers for Avalanche meme coins.
The Culture Catalyst program is a $100 million initiative launched by the Avalanche Foundation in collaboration with Op3n, self-proclaimed “Web3 WeChat.” The initial goal of the program was to fund creators in building NFT projects on Avalanche, and all funded projects will be exclusively showcased on Op3n.
As a result of this news, most meme coins on Avalanche have experienced a significant surge. Coq Inu (COQ), a meme coin featuring a mother hen theme, has risen over 14% in the past 24 hours. Meme coins like kimbo (KIMBO) and Husky Avax (HUSKY), which feature dog-themed designs, have seen gains of over 60%.
Source: CoinGecko