April 19, 2024
Avalanche Foundation Expands $100M Fund to Embrace Memecoins
Altcoins News

Avalanche Foundation Expands $100M Fund to Embrace Memecoins

Avalanche Foundation has outlined new criteria for meme coins seeking a portion of its $100 million fund, which has been expanded to include what it terms “community coins.” In a blog post on January 23, the foundation introduced flexible criteria for selecting meme tokens for its “Culture Catalyst” fund, originally designed for investing in nonfungible token (NFT) artists. To be eligible, meme tokens must have renounced contracts, a low concentration of ownership among whales, and substantial liquidity, among other conditions.

While the foundation acknowledged the flexibility of many criteria, it established minimum requirements, including a minimum of 2,000 unique holders, at least $200,000 in liquidity from 50 different providers, and the project’s existence for at least one month. Despite memecoin projects openly admitting their inherent lack of value, often created for humor and enjoyment, the foundation faced criticism for expanding the fund’s scope to include memecoins in late December, with some commentators calling it a “desperate and unbecoming” move.

In response to the backlash, the Avalanche Foundation disclosed that it had already begun utilizing its Culture Catalyst program to invest in “community coins.” Notably, one of the prominent memecoins in the Avalanche ecosystem is CoqInu (COQ), a rooster-themed token with a market cap of $75 million, ranking as the most traded memecoin on the Avalanche network, according to DexScreener data.

Image by thecryptobasic

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