The Avalanche Foundation plans to purchase Meme coins, causing the prices of KIMBO and HUSKY to surge by more than 60%!

Meme is undoubtedly one of the core elements of Internet culture. In the field of cryptocurrency, Meme coins also play an important role. The Avalanche Foundation announced today on the pleasure. This move further highlights the importance of Meme Coin in the field of digital assets, and also provides more support and impetus for the development of Meme Coin.

Avalanche Foundation pointed out that in addition to some obvious crypto asset categories, such as Gas tokens, DeFi tokens, real world assets (RWAs), NFTs, stable coins and governance tokens, Meme coins have also Achieved certain influence in the field of crypto assets.

Often inspired by internet culture and humor, these tokens are not just practical assets, they also symbolize the collective spirit and common interests of the crypto community.

By purchasing Meme coins, the Avalanche Foundation further emphasizes their commitment to continued participation in the Avalanche ecosystem. This not only includes crypto assets such as NFTs and RWAs, but also expands their investment portfolio to cover more possibilities. This move demonstrates the Foundation’s commitment to continuously growing and enriching the Avalanche ecosystem, providing users with more choices and opportunities.

However, not all Meme coins issued on Avalanche will be collected. The foundation's selection process for collections is based on several key criteria, including: number of holders, liquidity threshold, project maturity, fair issuance principles, community sentiment and other factors.

Community reactions are mostly supportive

Most people in the community support the Avalanche Foundation’s decision to purchase Meme coins. One netizen, stonkrates, said that he was happy to see high-level people in the Avalanche ecosystem recognizing the advantages of Meme coin in attracting people to join the blockchain field.

BowTiedNightOwl, which has more than 20,000 fans, pointed out that this decision may trigger a new trend of other public chains starting to openly support Meme coins. He emphasized that this will have a significant impact on the perception of cryptocurrencies.

Avalanche developer Mejias suggested making the standard guidelines for screening foundations public, which would incentivize teams to be more motivated to meet the criteria for being selected.

However, some netizens expressed doubts about this and asked for the specific address where the foundation purchased Meme coins. In addition, Adam Cochran, a partner at Cinneamhain Ventures, questioned this decision. He humorously pointed out that Avalanche co-founder Emin Gün Sirer is a serious professional, and the foundation’s move is not consistent with Emin’s serious image. : It feels like Avalanche has given up...

He went on to sarcastically simulate the foundation's thought process, suggesting that the foundation may have chosen to purchase the Avalanche memecoin on its own due to a lack of buyers. These meme coins.

Culture Catalyst Plan

The Culture Catalyst plan is a US$100 million plan jointly launched by the Avalanche Foundation and Op3n, which calls itself "Web3 WeChat". The initial goal of the program is to fund creators to build NFT projects on Avalanche, and all projects funded through the program will be showcased exclusively on Op3n.

The first batch of NFT projects funded by the plan include Canadian singer Grimes’ interstellar metaverse children’s book and a music video produced in collaboration with singer AvaMax. Today, the Avalanche Foundation said when talking about the Culture Catalyst plan: This plan aims to build Avalanche into a platform that supports and cultivates new creativity, culture and lifestyle brought by blockchain.

Avalanche meme coins skyrocketed

Affected by this news, most Meme coins on Avalanche surged. The hen-themed CoqInu (COQ) Meme coin has increased by more than 14% in the past 24 hours; while the dog-themed Meme coins such as kimbo (KIMBO) and Husky Avax (HUSKY) have increased by more than 60%.

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