While memecoins are the trend-setters in this optimistic market position, the Avalanche Foundation has announced that it will be purchasing Avalanche-based memecoins to support fun and culture in its ecosystem.
In its latest Twitter post on December 29, Avalanche shared that the Avalanche Foundation will buy selected memecoins to encourage “culture and fun” under its Culture Catalyst initiative.
The move is an addition to the Avalanche Foundation’s ongoing engagement across the growth and development of the AVAX ecosystem.
“Alongside prominent crypto asset categories like gas tokens, DeFi tokens, Real World Assets (RWAs), NFTs, stablecoins, and governance coins, meme coins have carved out a significant niche in the crypto asset landscape,” said Avalanche, adding that memecoins go beyond just utility as they also represent the “collective spirit and shared interests of diverse crypto communities.”
Several memecoins within the Avalanche ecosystem – including COQ, HUSKY, and SHIBX – spiked over 25% following the announcement.
Solana-based BONK, which was the actual trend-setter for this memecoin-season, has also surged nearly 25% in the past 24 hours.
Avalanche has not clarified which memecoins it will buy, but it said that its selection will depend on several criteria, including liquidity, number of holders, launch details, and other safety factors.
