Avalanche Foundation Focuses Exclusively on Meme Coins Minted on Its Blockchain
The Avalanche Foundation has recently announced a surprising shift in its investment strategy. In a blog post, the foundation revealed that it will now exclusively support meme coins that are minted solely on the Avalanche blockchain, breaking away from traditional investment approaches.
Eligibility Criteria for Meme Coins
To be considered for support, meme coins must meet certain criteria. These include having a total liquidity of at least $200,000 and more than 50 liquidity providers. Additionally, newly launched meme coins can participate as long as their fully diluted market capitalization is at least $1 million and they have an average daily trading volume of no less than $100,000 on Avalanche ecosystem DEXes for a minimum of two weeks.
“Meeting the eligibility criteria does not imply that the Foundation will support a coin.”
– Avalanche Foundation
Focusing on Native Coins within the Avalanche Ecosystem
In a notable move, the foundation has decided to exclusively back meme coins that exist solely within the Avalanche ecosystem. It retains the right to exercise sole discretion in selecting coins for its Culture Catalyst program and can modify eligibility criteria as necessary.
Details Remain Confidential
While the Avalanche Foundation claims to have already invested in community coins through its Culture Catalyst program, specific information about these meme coins has not been made public.
Impact on Coq Inu and Other Meme Coins
Following the announcement, Coq Inu (COQ), one of the meme coins in the Avalanche ecosystem, experienced a price increase of nearly 14%. However, it is unclear whether the Avalanche Foundation has chosen to support this particular project or other meme coins like Husky (HUSKY) and Shibx (SHIBX) that are minted on the Avalanche blockchain.
Hot Take: Avalanche Foundation’s Bold Move to Support Exclusive Meme Coins
The Avalanche Foundation’s decision to exclusively back meme coins minted on its own blockchain marks a significant departure from traditional investment strategies. By focusing on native coins within the Avalanche ecosystem, the foundation aims to foster innovation and growth within its network. While specific details about the supported meme coins remain confidential, this move has already had an impact on Coq Inu and raises speculation about potential future investments in other meme coins. It will be interesting to see how this strategy unfolds and whether it sets a new trend in the crypto industry.
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