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Avalanche Foundation Gets Cheeky: Backs Meme Coins for “Culture and Fun”

Published 01/08/2024, 04:21 PM
Updated 01/08/2024, 04:45 PM
Avalanche Foundation Gets Cheeky: Backs Meme Coins for “Culture and Fun”

  • Avalanche Foundation to drive investment into Avalanche-based meme coins.
  • The investment is to encourage the “culture and fun” symbolized by these assets.
  • The value of several Avalanche-based meme tokens soared following the announcement.

On a rare occasion, the Avalanche Foundation recently announced plans to support Avalanche-based meme coin networks. The move, which garnered considerable attention, will see the Foundation drive significant investment into this class of digital assets.

In a December 29 post on social media platform X (formerly Twitter), Avalanche Foundation disclosed it would support select meme coins to create a collection. The end goal, Avalanche revealed, is to encourage the “culture and fun” symbolized by these assets.

It bears mentioning that the majority of meme tokens are created for fun or entertainment and seldom have utility or offer any direct value to their holders. As explained by Avalanche, meme coins “go beyond mere utility assets”, they represent the collective spirit and shared interests of diverse crypto communities.

The investment in the meme coins will be channeled through the Foundation’s Culture …

The post Avalanche Foundation Gets Cheeky: Backs Meme Coins for “Culture and Fun” appeared first on Coin Edition.

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