Avalanche-based memecoins vying for a portion of a $100 million fund must have existed for at least one month. The Avalanche Foundation recently broadened the fund’s scope to include what it refers to as “community coins.”
The Avalanche Foundation unveiled a variety of adaptable criteria for selecting memecoins to invest in its $100 million “Culture Catalyst” fund in a blog post on January 23. The fund was initially established to support nonfungible token artists.
It stated that, among other criteria, all eligible meme tokens must have their contracts renounced, have a low concentration of ownership among billionaires, and possess high levels of liquidity.
While the foundation acknowledged that several criteria were adaptable, it had specific mandatory eligibility requirements: a minimum of 2,000 distinct holders, a minimum of $200,000 in liquidity from 50 different providers, and the project operational for one month.
Memecoin initiatives often aim to be humorous or lighthearted rather than concealing that they are worthless. This approach resonates well with individuals who are enthusiastic about memecoins.
Market commentators reacted negatively to the foundation’s initial declaration in late December 2023 that it had expanded its fund to include memecoins; some criticized the organization’s “desperate and unbecoming” action.
Notwithstanding the criticism, the Avalanche Foundation disclosed that it had “already commenced” allocating capital into “community coins” via its Culture Catalyst program.
A recent meme coin that has permeated the Avalanche discourse is Coq Inu (COQ), a token with a rooster motif.
According to DexScreener data, the token with the not-so-subtle moniker has the highest market capitalization of $75 million and is the most-traded memecoin on the Avalanche network.
