The Avalanche Foundation updates its incredible investment strategy, now exclusively supporting assets issued only on the Avalanche blockchain.
According to a recent blog post, the Avalanche Foundation announced exclusive support for meme coins issued only on the Avalanche blockchain. This surprising move, detailed in a blog update, marks a departure from traditional investment approaches.
Eligibility criteria states that meme coins must have a total liquidity of at least $200,000 and have at least 50 liquidity providers. Recently launched meme coins are also eligible to participate in the program, but they must have a fully diluted market capitalization of at least $1 million and an average daily trading volume of at least $100,000 for at least two weeks on the “Avalanche Ecosystem DEX” (decentralized exchange). . .”
“The eligibility criteria therefore outline the minimum characteristics a community coin must possess to be considered. Meeting the eligibility criteria does not mean that the Foundation will support a coin.”
Avalanche Foundation
Notable in the update is the foundation’s decision not to support meme coins that exist in the broader market, but to focus only on coins that “basically exist only in the Avalanche ecosystem.” The Foundation also asserted that it reserves the right to exercise sole discretion in determining which coins will be included in the Culture Catalyst program and modify the eligibility criteria as it deems appropriate.
The Avalanche Foundation claims to have already deployed capital into community coins through its Culture Catalyst program, but specific details about these meme coins have not been publicly disclosed.
According to data from CryptoSlate, Coq Inu (COQ), the only meme coin in the Avalanche ecosystem, has experienced a price increase of nearly 14% since posting the update. However, given the existence of other meme coins issued on the Avalanche blockchain, such as Husky (HUSKY) and Shibx (SHIBX), it is unclear whether the Avalanche Foundation has chosen to support this particular project.