Avalanche Foundation has announced that it will begin purchasing meme tokens. Amazingly, AVAX-based altcoins began to rise almost immediately after the announcement.
Avalanche Foundation made this statement on its X account, announcing that it will start buying mem tokens.
AVAX Foundation, which announced that it will purchase some mem tokens within the scope of the Culture Catalyst program, which was launched last year, said that these mem tokens will be only AVAX-based.
“Last year, the Avalanche Foundation launched Culture Catalyst, a program aimed at empowering creators, fostering innovation, and encouraging the adoption of blockchains.
At this point, the Avalanche Foundation plans to begin using Culture Catalyst to recognize and promote the culture and entertainment that meme coins symbolize by purchasing select Avalanche-based meme coins to create a collection.
The selection process for the Mem token collection is based on several key criteria, including the number of holders, liquidity thresholds, maturity of the project, fair launch principles, and general social sentiment, among other factors.
The Avalanche Foundation is committed to supporting diverse and culturally significant initiatives, establishing its position as an adaptable and inclusive participant in the Web3 space.”
Following this announcement by the Avalanche Foundation, many Avalanche-based memecoins, including COQ, husky (HUSKY) and shibx (SHIBX), which are AVAX-based meme tokens, have increased by up to 25% in the last 24 hours.
It was noted that, according to CoinGecko’s data, most of these increases occurred after the Avalanche Foundation announced that it would buy Mem Tokens.
After the announcement, the AVAX price increased by up to 6% and rose to $42. AVAX continues to trade at $42 at the time of writing.
