The Avalanche Foundation, a non-profit organization that oversees the development of the Avalanche Network, has revealed plans to enter the meme coin market.
This move involves allocating a significant portion of its $100 million nft incubator fund to purchasing meme coins based on the Avalanche blockchain.
Embracing Meme Coin Culture
According to a December 29 post on
The foundation plans to allocate this fund to acquire “select Avalanche-based meme coins.” Their goal is to recognize and drive the unique culture and enjoyment that these meme coins represent.
Last year, the Avalanche Foundation launched Culture Catalyst, a program aimed at empowering creators, generating innovation, and driving blockchain adoption. This initiative seeks to better position Avalanche to cultivate and support the many new forms of creativity,…
— Avalanche (@avax) December 29, 2023
This project, called “Culture Catalyst”, was started last year to empower content creators, generate innovative ideas and facilitate the broader adoption of blockchain technologies.
In its post, Avalanche highlighted the importance of meme coins as more than just functional assets; They are emblems of the unified spirit and mutual interests that encompass various cryptocurrency communities.
Avalanche claims that meme coins transcend their basic functional roles, symbolizing the united spirit and shared interests between diverse cryptocurrency groups.
However, not all meme coins will be eligible for inclusion in the foundation's selection.
To qualify for inclusion in your portfolio, meme coins must meet specific criteria, such as a substantial number of holders, sufficient liquidity, project maturity, compliance with the principles of a fair launch, and positive social sentiment, among others.
Avalanche's rooster-themed Coqinu meme coin soars
Coqinu (COQ), a rooster-themed token, has recently dominated the Avalanche ecosystem.
Despite openly admitting that it has no inherent value and lacks a development team or roadmap, COQ recorded a 1.47 million percent increase. increase in value in a short period of time.
This surge reflects a broader trend of meme coin popularity across various blockchain networks, evidencing a market-wide frenzy.
In one incident, a trader recently turned a $450 investment into over $1.5 million in profits made using COQ, according to on-chain data from Lookonchain.
A trader turned $454 into $2.19 million in 2 weeks trading $COQa 4827x win!
This merchant spent 17.26 $AVAX($454) to buy 4.86T $COQ through 7 addresses, then sold 4.61T $COQ for 32,251 $AVAX($1.26M) and 259K $USDC.
Currently it has 250 billion $COQ($700k), the profit is ~$2.19 million. pic.twitter.com/arsaX6Uey8
— Lookonchain (@lookonchain) December 19, 2023
In general, the increase of Coqinu on Avalanche is part of a more significant trend in which traders prefer networks like Avalanche and Solana for meme coin trading.
Lower transaction fees and faster speeds than other networks like ethereum have driven this.
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