Crypto news: Avalanche Foundation set to invest in meme coins, here’s why | Trending

Avalanche Foundation recently announced its decision to purchase select meme coins as a part of its cultural drive. The non-profit organisation that oversees the Avalanche blockchain ecosystem (AVAX) will utilise its $100 million Culture Catalyst funds to “recognize and encourage the culture and fun symbolized meme coins.” Avalanche Foundation set to invest in meme coins What is AVAX’s Culture Catalyst program?In an X, formerly Twitter post dated December 29, Avalanche Foundation wrote, “Last year, the Avalanche Foundation launched Culture Catalyst, a program aimed at empowering creators, sparking innovation, and propelling the adoption of blockchains.” Wrap up the year gone & gear up for 2024 with HT! Click here “This initiative seeks to better position Avalanche to cultivate and support the many new forms of creativity, culture, and lifestyle that blockchain enables,” the post added. Avalanche highlights the importance of meme coinsHighlighting the importance of meme coins in the world of cryptocurrency, AVAX wrote, “Alongside prominent cryptoasset 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 cryptoasset landscape.” “These coins, often inspired internet culture and humor, go beyond mere utility assets; they represent the collective spirit and shared interests of diverse crypto communities.” ALSO READ: Crypto shocker: ARK Invest liquidates entire GBTC holdings, invests $100m in Bitcoin futures ETF Avalanche Foundation to invest in meme coinsThe foundation aims to utilise its $100 million Culture Catalyst funds to give more recognition to meme coins. They intend to do it purchasing select Avalanche-based meme coins to create a collection. “This move complements the Avalanche Foundation’s ongoing engagement across the Avalanche ecosystem, including NFTs, RWAs, and other types of cryptoassets, broadening its portfolio to embrace a more complete spectrum of possibilities,” the X post added. The selection process for AVAX’s meme coins collection will include criterias like- “the number of holders, liquidity thresholds, project maturity, principles of a fair launch, and overall social sentiment.” AVAX concluded, “The Avalanche Foundation is dedicated to supporting diverse and culturally significant initiatives, establishing its position as an adaptable and inclusive participant in the Web3 space.”