In a surprising move, the non-profit Avalanche Foundation, overseeing the development of the Avalanche network, has unveiled plans to acquire a curated selection of meme coins as part of its “Culture Catalyst” initiative.
The foundation aims to enhance its holdings and explore a broader spectrum of possibilities through this strategic acquisition.
As detailed in the announcement on X, the Avalanche Foundation will selectively purchase meme coins based on the Avalanche network. The objective is to create a distinctive collection, aligning with the foundation’s commitment to diversify its portfolio. This initiative aligns with the foundation’s broader involvement in various facets of the Avalanche ecosystem, ranging from NFTs to RWAs and other crypto assets.
Last year, the Avalanche Foundation launched Culture Catalyst, a program aimed at empowering creators, sparking innovation, and propelling the adoption of blockchains. This initiative seeks to better position Avalanche to cultivate and support the many new forms of creativity,…
— Avalanche 🔺 (@avax) December 29, 2023
The selection process for these meme coins involves careful consideration of several criteria. Factors such as the number of holders, liquidity thresholds, project maturity, adherence to fair launch principles, and overall social sentiment play pivotal roles in the decision-making process.
COQ INU Price Action In Response To The Announcement
In response to this announcement, COQ INU, an Avax-based memecoin, experienced a notable uptick. After a recent decline of over 31% in the past 7 days, COQ INU surged by 29% within the last 24 hours, currently trading at $0.00000162. This sudden boost is seen as a community-driven effort to align with the criteria outlined by Avalanche, reflecting the dynamic interaction between meme coins and broader crypto initiatives.
The Avalanche Foundation’s strategic move to embrace meme coins adds an interesting dimension to its engagement with diverse crypto assets, emphasizing the evolving nature of the crypto landscape.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.
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