- Meme-coins based on the Avalanche network make a significant surge with 100 percent and 200 percent price growth in just 24 hours.
- It is reported that the recent decision of the Avalanche Foundation to accumulate these meme coins fueled the price growth.
Meme-coins, despite being subjected to heavy criticisms for lack of roadmaps and technical breakthroughs, have established themselves as an integral part of the crypto ecosystem over the past couple of years. This asset class was earlier limited to being either an L1 or an ERC-20 token. However, it has gradually evolved to appear on other chains including Solana and Avalanche.
In just 24 hours, some meme coins on the Avalanche network have made a whopping 100 percent surge with others recording a 200 percent surge within the same period. Red Ponzi Gud (RPG) for instance surged by 216% before losing some of the accumulated values. Team Rocket (ROCKET) also made a 107% surge. However, the asset had lost 23% of the accumulated value as of press time.
Interestingly, its weekly gain was still up by 50.8%. Husky Avax (HUSKY) also saw an 80% surge before switching from bullish to bearish. Its weekly gain as of press time was 89%. In just 24 hours, Coq Inu (COQ) saw a 30% growth.
The overall surge of the meme-coins based on Avalanche has been linked to the recent announcement by the Avalanche Foundation that it will start accumulating the network-based meme-coins to create a collection.
The Avalanche Foundation intends to start using Culture Catalyst to recognize and encourage the culture and fun symbolized by meme coins by purchasing select Avalanche-based meme coins to create a collection. This move complements the Avalanche Foundation’s ongoing engagement across the Avalanche ecosystem, including NFTs, RWAs, and other types of cryptoassets, broadening its portfolio to embrace a more complete spectrum of possibilities.
Avalanche Foundation’s Selection Criteria of Memecoins and Details on Culture Catalyst
According to the report, the selection process would consider several important criteria including the number of holders, project maturity, liquidity threshold, principles of a fair launch, and the general social sentiment.
The Culture Catalyst was launched by the Avalanche Foundation to ensure that creators are empowered. The program was also introduced to trigger innovation while pushing the adoption of the blockchain. The Avalanche Foundation is reported to be working to support diverse and culturally significant initiatives while positioning it as an established, “adaptable and inclusive participant in the Web3.”
This initiative seeks to better position Avalanche to cultivate and support the many new forms of creativity, culture, and lifestyle that blockchain enables. Alongside prominent cryptoasset categories like gas tokens, DeFi tokens, Real World Assets (RWAs), NFTs, stablecoins, and governance coins, meme coins have carved out a significant niche in the cryptoasset landscape. These coins, often inspired by internet culture and humor, go beyond mere utility assets; they represent the collective spirit and shared interests of diverse crypto communities.
Avalanche (AVAX) remains one of the best-performing cryptos in the past three months with a 316.98 price surge. As of press time, the asset had pulled back marginally to trade at $39.36. Its 24-hour and seven-day returns are currently negative after declining by 3.42% and 15% respectively.
Analysts expect AVAX to take a rebound to finish 2024 with a minimum price of $86.60. On average, the asset is expected to finish this year with a trading price of $98.41 or proceed to hit $70.85 before the year ends.
