Crypto:
29881
Bitcoin:
$68.511
% 0.78
BTC Dominance:
%52.7
% 0.31
Market Cap:
$2.57 T
% 0.03
Fear & Greed:
75 / 100
Bitcoin:
$ 68.511
BTC Dominance:
% 52.7
Market Cap:
$2.57 T

Avalanche ‘s Memecoin Investment

Avalanche

Avalanche Foundation, a non-profit organization that oversees the development of the Avalanche Network, has announced plans to invest in memecoins using its $100 million non-fungible token (NFT) fund. In a post shared on the X platform on December 29, the foundation said that this new initiative would be implemented as part of its “Culture Catalyst” initiative.

You might like: New Member of Avax Ecosystem, What is Coq Inu (COQ)?

What is Culture Catalyst?

Culture Catalyst is a $100 million program launched in March 2022 that aims to fund promising NFT projects on the network.

Avalanche:

This initiative is a step towards our goal of supporting the forms of creativity, culture, and lifestyle that blockchain provides. By selecting Avalanche-based memecoins, the foundation aims to recognize and promote the culture and entertainment represented by memecoins.

Avalanche argues that memecoins are more than just an asset, and have become a representation of the collective spirit and shared interests of diverse crypto communities.

A post by an X user who is an Avalanche follower shared the following:

Avalanche Foundation will be buying memecoins. We will be offering the highest bid for all memecoins on our chain.

However, the Avalanche Foundation has stated that a worthless memecoin cannot be added to the foundation’s collection, and that strict selection criteria will be applied for all additions.

What are the Criteria for the Avalanche Foundation?

The criteria are based on a variety of fundamental criteria, including:

  • A priority selection process
  • Number of holders within the community
  • Liquidity thresholds
  • Project maturity
  • Fair launch principles
  • General social sentiment

Avalanche will be forming its collection taking into account all of these factors.

One memecoin that has recently come to prominence on the Avalanche network is Coqinu (COQ), a rooster-themed token. The token openly states that it is inherently worthless, and on its official website, it states that the coin “has no intrinsic value” and does not have any team or roadmap.

Avalanche

To visit COQ website click here.

However, according to DexScreener data, the token saw a more than 1,47 million percent increase in value from its launch on December 8 to its all-time high on December 20.

Avalanche’s announcement comes amid a market-wide frenzy for memecoins on every blockchain network that supports smart contracts or scripts.

In the process, one investor managed to make a profit of $1.5 million, starting with $450.

According to Lookonchain data, this investor used 17.26 Avalanche tokens ($454) to purchase 4.86 trillion COQ through seven different wallets. A week later, they sold 4.61 trillion COQ for 32,251 AVAX, worth $1.26 million. The investor is currently holding 250 billion COQ, worth $318,300.


Also, you can freely share your thoughts and comments about the topic in the comment section. Additionally, please follow us on our TelegramYouTube, and Twitter channels for the latest news and updates.

Leave a Reply

Your email address will not be published. Required fields are marked *