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Avalanche Foundation launches meme coin collection project to purchase selected meme coins to promote on-chain culture

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Avalanche Foundation launches meme coin collection project to purchase selected meme coins to promote on-chain culture

The Avalanche Protocol Foundation announced that it will purchase selected meme coins on the Avalanche chain through the Culture Catalyst program to collect and recognize the culture and fun symbolized by meme coins.

Avalanche Protocol: Purchasing Meme Coins Through the Culture Catalyst Program

The Avalanche Foundation tweeted that it had launched a $100 million creator fund on the Web3 platform Op3n last year, aimed at empowering creators, inspiring innovation, and promoting blockchain adoption.

The foundation emphasized that in addition to well-known crypto asset categories such as Gas tokens, DeFi, NFTs, stablecoins, governance tokens, and real-world assets (RWAs), meme coins also play an important role in the crypto space.

Meme coins represent the spirit of community and common interests in various cryptocurrency communities.

Therefore, the foundation announced that through the Culture Catalyst program, it will purchase selected meme coins on the Avalanche chain for collection, to acknowledge and encourage the cultural and fun aspects symbolized by meme coins.

They believe this complements the foundation's participation in various sectors on Avalanche, such as NFTs, RWAs, and other ecosystems, expanding the foundation's investment portfolio and integrity.

The foundation's selection criteria include:

  • Liquidity threshold

  • Project maturity

  • Fair distribution principles

  • Overall community sentiment

  • Token holder count

Community Comments: Is There No Limit to Boosting Coin Prices?

Crypto community member @Evan_ss6 expressed that this news is somewhat bullish for AVAX, as the foundation seems willing to do anything for the coin's performance.

Adam Cochran, partner at Cinneamhain Ventures, also expressed astonishment, stating:

No one wants to buy meme coins on Avalanche, so the foundation is going to buy them all!?

However, there are also many community members who support Avalanche's decision, especially supporters of the meme coin COQ, which saw a significant surge on the Avalanche chain previously.

Go big or go home! One address investing in meme coin COQ saw a profit of 4827 times with a market value of 2 million euros