The Avalanche Foundation allocated $100 million last year to launch the “Culture Catalyst” fund for art and entertainment projects, aiming to provide resources to creators, inspire innovation, and promote the adoption of blockchain. 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 significance symbolized by meme coins and treating 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.
Following the announcement, the meme coin COQ in the Avalanche ecosystem briefly surged over 60%, but quickly fell back by 20%.