Learn about the Avalanche Foundation's innovative "Meme Coin Purchase Plan," a strategic move to buy selected Avalanche-based meme coins, driving both market interest and significant price increases in coins like HUSKY, COQ, SHIBX, and WOLF.
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Avalanche Foundation's Selection and Purchase of Meme Coins on the Avalanche Platform
The Avalanche Foundation, supporting the operation and development of Avalanche (AVAX), announced a plan on December 29, 2023, to purchase meme coins based on the Avalanche platform through a program named "Culture Catalyst."
"Culture Catalyst" aims to empower creators, spark innovation, and promote the adoption of blockchain technology.
The program is designed to nurture and support the diverse forms of creativity, culture, and lifestyle enabled by blockchain technology, thereby positioning Avalanche more favorably.
The newly announced "Meme Coin Purchase Plan" is part of this initiative.
The plan involves "creating a collection by purchasing carefully selected meme coins based on Avalanche, recognizing and encouraging the culture and fun symbolized by meme coins."
Avalanche mentioned in the announcement that "Meme coins have carved out an important niche market in the cryptocurrency industry, alongside gas tokens, DeFi tokens, real-world assets, NFTs, stablecoins, and governance coins," and assessed that "meme coins transcend the boundaries of mere utility assets."
What Types of Meme Coins Will the Avalanche Foundation Purchase?
While specific details of the meme coins Avalanche Foundation is considering purchasing have not been disclosed, the selection criteria are explained to be based on "number of holders, liquidity thresholds, project maturity, principles of fair launch, and overall social sentiment."
Following the announcement, there has been a surge in interest in "meme coins based on the Avalanche platform." Currently, significant price increases are being reported in various meme coins such as "HUSKY, COQ, SHIBX, WOLF."
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