The Avalanche Foundation, the nonprofit organization overseeing the development of the Avalanche Network, has announced that it will be allocating its $100 million non-fungible token (NFT) incubator fund to purchase memecoins.
The move is part of the foundation’s “Culture Catalyst” initiative, which was initially launched in March 2022 to support promising NFT projects on the network.
The goal of the initiative is to help nurture and grow the culture around NFTs, with the hope of further developing the potential of the Avalanche Network in the process.
The Avalanche Foundation is excited to announce a new initiative that will leverage the fund to create a collection of select Avalanche-based memecoins.
The goal of this project is to recognize and encourage the culture and fun associated with meme coins, which the foundation believes go beyond their utility value.
We believe that this project will help to further grow the Avalanche community and contribute to the overall success of the project.
Avalanche is planning to buy memecoins, a move that has been met with mixed reactions from the crypto community.
Some see it as a way to bring the community together, while others see it as a way for Avalanche to control the memecoins market.
Not All Meme Coins to be Included in Fund
Avalanche has announced that it will be launching its own memecoin foundation, which will be responsible for the collection and stewardship of memecoins.
However, not all memecoins will be eligible for inclusion in the foundation’s collection.
Avalanche clarified that stringent selection criteria will be applied, including factors such as the number of holders, liquidity thresholds, project maturity, principles of a fair launch, and overall social sentiment.
Recently, one memecoin that has gained significant attention within the Avalanche community is Coqinu (COQ), a rooster-themed token.
The Avalanche memecoin foundation has announced that it will be launching soon, and that it will be responsible for the collection and stewardship of memecoins. However, not all memecoins will be eligible.
COQ, which is a memecoin that has no intrinsic value and no team or roadmap listed on its official website, saw its price surge by over 1.47 million percent between its inception on December 8 and its all-time high on December 20, according to DexScreener data.
The trader used Avalanche tokens to acquire COQ through multiple wallets, subsequently selling a portion for AVAX worth $1.26 million.
The trader still has 250 billion COQ, which is worth $318,300 based on the current market price.
The resurgence of the NFT market is shown by the data from crypto data firm DappRadar, which reports that NFT trading volume has surged by $99 million in October, reaching $405 million.
This is the highest volume seen since August. The trader still has 250 billion COQ, which is worth $318,300 based on the current market price.
DappRadar’s recent report on Non-Fungible Tokens (NFT) trading shows that this market is starting to recover from a year-long downward trend. This offers renewed hope to projects that have faced challenges throughout this year.