The Avalanche Foundation, a nonprofit overseeing the development of the Avalanche Network, has revealed plans to venture into the meme coin market.
This move involves allocating a significant portion of its $100 million NFT incubator fund to purchase meme coins based on the Avalanche blockchain.
Embracing the Meme Coin Culture
According to a December 29 post on X, this move aligns with their broader objective to foster and increase new forms of artistic expression, cultural identity, and lifestyle choices, all made possible by blockchain technology’s capabilities.
The foundation plans to allocate this fund to acquire “select Avalanche-based meme coins.” They aim to acknowledge and boost the unique culture and enjoyment these meme coins represent.
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,…
— Avalanche 🔺 (@avax) December 29, 2023
Named “Culture Catalyst,” this project was initiated last year to empower content creators, ignite innovative ideas, and facilitate the broader uptake of blockchain technologies.
In its post, Avalanche highlighted the significance of meme coins as more than just functional assets; they are emblems of the unified ethos and mutual interests spanning various cryptocurrency communities.
Avalanche asserts that meme coins transcend their basic functional roles, symbolizing the united ethos and shared interests across diverse cryptocurrency groups.
However, not all meme coins will be eligible for inclusion in the foundation’s selection.
To qualify for inclusion in their portfolio, meme coins must meet specific criteria, such as a substantial number of holders, sufficient liquidity, project maturity, adherence to principles of a fair launch, and positive social sentiment, among others.
Avalanche’s Rooster-Themed Meme Coin Coqinu Skyrockets
Coqinu (COQ), a rooster-themed token, has recently dominated the Avalanche ecosystem.
Despite its open admission of being inherently valueless and lacking a development team or roadmap, COQ saw a 1.47 million percent increase in value within a short span.
This surge reflects a broader trend of meme coin popularity across various blockchain networks, evidencing a market-wide frenzy.
One incident saw a trader recently turn a $450 investment into over $1.5 million of realized profit using COQ, according to on-chain data from Lookonchain.
A trader turned $454 into $2.19M in 2 weeks by trading $COQ, a gain of 4827x!
This trader spent 17.26 $AVAX($454) to buy 4.86T $COQ through 7 addresses, then sold 4.61T $COQ for 32,251 $AVAX($1.26M) and 259K $USDC.
Currently holding 250B $COQ($700K), the profit is ~$2.19M. pic.twitter.com/arsaX6Uey8
— Lookonchain (@lookonchain) December 19, 2023
Overall, the surge of Coqinu on Avalanche is part of a more significant trend where traders favor networks like Avalanche and Solana for meme coin trading.
Lower transaction fees and faster speeds than other networks like Ethereum have driven this.
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