293
The Avalanche Foundation, the non-profit organization that oversees development of the Avalanche network, said that it will purchase a collection of meme coins under its “Culture Catalyst” program. In a post on Twitter, the foundation stated that it will purchase “select Avalanche-based meme coins to create a collection,” as part of a bid to broaden its portfolio “to embrace a more complete spectrum of possibilities.” The Foundation’s selection process for its meme coin collection will be based on criteria including the number of holders, its liquidity thresholds, the maturity of the project, “principles of a fair launch,” and “overall social sentiment,” it added. Explaining its decision to invest in meme coins, the Avalanche Foundation claimed that they “go beyond mere utility assets,” and represent “the collective spirit and shared interests of diverse crypto communities.” Last year, the Avalanche Foundation launched Culture Catalyst, a program aimed at empowering creators, sparking innovation, and propelling the adoption of blockchains. This initiative seeks to better position Avalanche to cultivate and support the many new forms of creativity. Following the Avalanche Foundation’s announcement, the price of Avalanche-based meme coins including Husky Avax and Coq Inu rose by double-digits, per data from CoinGecko. Earlier this year, University Grade Trading Education founder Thomas Kralow told Decrypt that meme coins have nothing to support their price once the “hype dies out” and the cultural phenomenon they’re attached to has faded from view. “It’s not a very sound investment,” he warned, “it’s just gambling.”
