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Unprecedented “meme coin purchase” movement
Yesterday, the price of some meme coins on the Avalanche blockchain soared after the Avalanche Foundation, which is associated with the virtual currency AVAX, announced that it would purchase meme coins. COQ (+50.8%), HUSKY (+116.9%), SHIBX (+16%).
The foundation said on social media yesterday, “We will begin using ‘Culture Catalyst’ to recognize and encourage the culture and fun that meme coins represent.” It complements the Avalanche Foundation’s continued commitment to the entire Avalanche ecosystem, including other types of cryptocurrencies, and expands the portfolio more broadly.”
“Culture Catalyst” is a program launched by the foundation that aims to empower creators, stimulate innovation, and promote the adoption of blockchain. It seeks to better position Avalanche to foster and support the diverse forms of creativity, culture, and lifestyle that blockchain enables.
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
Avalanche Foundation explains that purchasing meme coins will be based on criteria such as number of holders, liquidity threshold, project maturity, fair launch principles, and overall social sentiment. did.
There have been very few cases in the past of virtual currency/blockchain foundations purchasing meme coins, so this has caused a great stir. It appears to have been inspired by ecosystem activation, including last month’s surge in the value of Solana’s flagship meme coin, BONK token.
connection: Solana’s dog coin BONK increases by 1200% per month, Saga smartphones are sold out due to expectations for Air Dro
On the other hand, it has been pointed out that the unique culture of meme coins cannot be created artificially.
Avalanche is also focusing on the RWA (Real Asset Tokenization) field. In November, it was announced that JPMorgan would leverage technologies such as Avalanche’s subnets in an RWA proof of concept.
connection: JP Morgan uses Avalanche in RWA proof of concept AVAX +22% compared to previous day
What is RWA?
Abbreviation for “Real World Asset.” RWA that is tokenized on the blockchain includes real assets such as real estate, artwork, trading cards, and securities such as stocks and bonds.
Virtual currency glossary
connection:Why investors are interested in real asset tokenization and what is Real World Assets (RWA)?
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— CoinPost (virtual currency media) (@coin_post) December 21, 2023
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