Avalanche Foundation to Hop Onto the Meme Coin Train, Announces Investment in Selected Projects

Avalanche Foundation to Hop Onto the Meme Coin Train, Announces Investment in Selected Projects

The Avalanche Foundation, an institution that funds avalanche initiatives, has recently announced that it will start investing in meme coins. These purchases will be made using funds from the $100 million Culture Catalyst fund launched in 2022, and the tokens will be selected based on their number of holders, liquidity thresholds, and project maturity, among other elements.

Avalanche to Invest in Meme Coins Using $100 Million Culture Catalyst Fund

The Avalanche Foundation has announced that it is taking a position in meme coins. In a recent X post, the foundation revealed that it will invest in selected meme coins, broadening its portfolio as part of a comprehensive move to embrace “a more complete spectrum of possibilities.”

This investment will be made using Culture Catalyst, a fund launched in 2022 during the Avalanche Summit in Barcelona. The institution will use part of the $100 million fund, initially focused on “helping to cultivate and support the many new forms of creativity, culture, and lifestyle that blockchain enables,” to purchase these tokens.

The foundation remarked on the relevance of this kind of token in today’s crypto market, stating that they “go beyond mere utility assets; they represent the collective spirit and shared interests of diverse crypto communities.” The meme tokens to be part of Avalanche’s investments will be selected based on their number of holders, liquidity thresholds, project maturity, principles of a fair launch, and overall social sentiment, among other aspects.

Emin Gün Sirer, founder and CEO of Ava Labs, recognized that, at first, he could not understand the appeal of meme coins. Nonetheless, this has changed, and he now recognizes the value of these tokens as part of the crypto ecosystem. He stated:

It took me a while to see the value of memecoins myself. I wasn’t happy when Elon was pumping Doge. It also took a while for me to see the value of high-end NFTs. But I now understand the cultural importance of coins that are just social signaling mechanisms.

The meme coin economy experienced significant growth this month, reaching a market cap of almost $24 billion on December 9.

What do you think about Avalanche’s move into meme coins? Tell us in the comments section below.



from Bitcoin News https://ift.tt/VuEhCU6

Comments

Post a Comment

Popular posts from this blog

L2 Crypto Project Blast Achieves $660M TVL Amid Mockery for Key Developer Recruitment

Image
Recent data reveals that Blast, the new layer two (L2) blockchain platform, has amassed a significant $660 million in value within its decentralized finance (defi) protocol. Concurrently, while accumulating a variety of crypto assets, the initiative has commenced a search for experienced senior blockchain developers. While Amassing $660M, L2 Blast Project Searches for Developers In recent times, Blast has emerged as a focal point of interest. This project, conceptualized by Pacman , the mind behind the non-fungible token (NFT) marketplace Blur, has rapidly gained traction. Within a span of less than a week, the platform’s total value locked (TVL) soared to approximately $400 million. Concurrently, Blast faced allegations of resembling a Ponzi scheme. During this period, Paradigm, a principal investor in the project, admitted that the team had overstepped in certain aspects of communication and implementation. Pacman has also countered the Ponzi scheme allegations and further cl
Read more

Harsh Laws Make Bitcoin Holders Consider Renunciation or Dual Citizenship

Image
As digital currencies become a mainstay in society, a great number of governments have enforced strict tax guidelines, severe money transmission rules, and tough regulations. Because of a few nation-states’ harsh rules against cryptos, there are individuals who plan to renounce their citizenship in order to become stateless. Some people will also attempt to get double-citizenship, as both of these acts may help sovereign individuals avoid government intrusion and theft. Also Read: As FATF Regulations Galvanize, Crypto Mixing Applications Are Targeted A Cryptocurrency Advocate’s Quest for Financial Sovereignty May Involve Hard Choices It’s been close to 11 years since the inception of Bitcoin and during the last few years government agencies and law enforcement have been cracking down on digital currency holders. In certain areas around the world, a few countries have extremely difficult crypto laws and stringent capital gains taxes. Countries like the U.S. have imposed strict regul
Read more

2021 Bitcoin Price Predictions: Analysts Forecast BTC Values Will Range Between Zero to $600K

Image
As bitcoin has touched new price highs on Thursday nearing the $50k handle, people have been curious as to where the price will go in the future. Meanwhile, despite the gains so far, a number of luminaries, analysts, executives, and proponents from the crypto space believe the leading crypto asset will reach between $60k to six-digits this year. Mike Novogratz Predicts $100K Bitcoin: ‘Other CFOs and CEOs Are Saying, What Should We Be Doing?’ Satoshi Nakamoto’s invention has gained mass appeal in recent times as the leading digital asset bitcoin ( BTC ) has reached its highest value ever in 2021. On Thursday morning (EST), BTC spiked to an all-time high (ATH) at $48,697 per unit. Earlier in the morning at around 2 a.m., bitcoin was exchanging hands for $44,485 and saw an 8.98% increase since then. At the time of publication, at 6:30 p.m. (EST) on February 11, 2021, bitcoin (BTC) is swapping for $47,821 per coin. With BTC so close to the $50k mark, people have been forecasting
Read more