The Avalanche Foundation, known for its Culture Catalyst initiative launched in March 2022 to support the rights and opportunities of creators in the blockchain field, has announced a new direction for its investments. According to a statement published on December 29 on the X platform (formerly known as Twitter), the foundation intends to invest in "selected meme coins based on Avalanche." This decision is aimed at recognizing and encouraging the culture and joy symbolized by meme coins.
Initially, the $100 million Avalanche project, implemented in collaboration with OP3N, a Web3 chat application, focused on supporting the Web3 creative community. The project funded NFT projects in music, film, entertainment, gaming, and digital art. However, considering the growing interest in meme coins, the foundation decided to expand its priorities to include support for meme coins.
Avalanche states that the criteria for selecting meme coins for funding will be based on various factors, including the number of holders, liquidity thresholds, project maturity, overall social sentiment, and principles of "fair launch." This decision complements the foundation's participation in the crypto ecosystem and reflects its commitment to supporting diversity and innovation in this area.
