Avalanche-based memecoins wanting a slice of a $100 million fund must be at least one month old, among other newly unveiled criteria from the Avalanche Foundation, which recently expanded the scope of its fund to capture what it calls “community coins.”
In a Jan. 23 blog post, the Avalanche Foundation handed down a range of flexible criteria for its memecoin picks for its $100 million “Culture Catalyst” fund — initially launched to invest in nonfungible token artists.
It said all eligible meme tokens must have their contracts renounced, possess a low ownership concentration among whales and have high levels of liquidity, among other requirements.
The foundation noted many of its criteria were flexible, but it had firm minimum eligibility requirements, including a minimum of 2,000 unique holders, at least $200,000 in liquidity from 50 different providers, and the project “should be in existence for at least one month.”
Memecoin projects typically don’t attempt to hide that they’re inherently worthless, as most are created as a joke or for fun, which strikes a chord with memecoin enthusiasts.
The foundation’s initial announcement that its fund expanded to include memecoins in late December 2023 was met with raised eyebrows from market commentators, with some deriding the organization for its “desperate and unbecoming” move.
Last year, the Avalanche Foundation launched Culture Catalyst, a program aimed at empowering creators, sparking innovation, and propelling the adoption of blockchains. This initiative seeks to better position Avalanche to cultivate and support the many new forms of creativity,…
— Avalanche (@avax) December 29, 2023
Despite the backlash, the Avalanche Foundation revealed it had “already started” using its Culture Catalyst program to deploy capital into “community coins.”
One memecoin that has recently dominated the Avalanche narrative is a rooster-themed token called Coq Inu (COQ).
The not-so-subtly named token commands a market cap of $75 million and stands as the most-traded memecoin on the Avalanche network, according to DexScreener data.
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