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 (NFT) 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 inexistence for at least one month.”
Memecoin projects typically don’t attempt to hide 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 of its fund’s expanded scope to include memecoins in late December 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.”
The primary memecoin that has recently dominated the Avalanche narrative is a rooster-themed token called CoqInu (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, per DexScreener data.
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