Avalanche To Support Meme Coins; AVAX To The Moon?
29 Dezembro 2023 - 5:30PM
NEWSBTC
The Avalanche Foundation is expanding its support of meme coins.
This move could further boost the popularity of Avalanche, a
low-fee and high-throughput blockchain, and even support its native
coin, AVAX. Avalanche Foundation To Support Meme Coins Taking to X
on December 29, the foundation said it would continue its
Culture Catalyst initiative to encourage meme coin activity, among
others, including Real-World Assets (RWAs), non-fungible tokens
(NFTs), and more. This campaign, they continue, aims to foster
innovation and propel the adoption of blockchains by supporting the
creation of “new forms of creativity, culture, and lifestyle.”
Related Reading: Bitcoin Erases Recovery As Miners Cash Out 3,000
BTC The Avalanche Foundation believes that meme coins have carved
out a significant niche in crypto, representing the collective
spirit and shared interests of diverse crypto communities. By
recognizing and encouraging this culture, the foundation hopes to
develop and expand the Avalanche ecosystem, attracting new users.
As they resume Culture Catalyst, the foundation will start by
purchasing select Avalanche-based meme coins to create a
collection. The selection process will be based on several critical
criteria, including the number of holders, liquidity thresholds,
project maturity, principles of a fair launch, and overall social
sentiment. This move is a significant step for the Avalanche
Foundation, as it indicates a growing recognition of the potential
of meme coins to drive innovation and growth. It is because meme
coins have become increasingly popular in recent years, often
attracting large communities and generating significant trading
volume. According to CoinMarketCap data on December 29,
meme coins have a cumulative market cap of over $23 billion. Will
AVAX And COQ Extend Gains In 2024? The foundation’s support for
meme coins could further boost the popularity of Avalanche, as it
will bring more attention to AVAX, a coin used for paying network
fees. Thus far, AVAX remains in an uptrend, adding nearly 400% from
October 2023 lows. Though there has been a cool-off, buyers have
the upper hand. With rising demand triggered by more meme coins
deploying on Avalanche, AVAX prices will likely float even higher.
One of the Avalanche-based meme coins, COQ, is among the top 10
most liquid. According to DEX Tools data, there are over
34,000 COQ holders when writing. As of December 29, Dogecoin (DOGE)
is the largest and most valuable meme coin, with over $13.2 billion
in market cap. However, the launch and subsequent stellar
performance of COQ propelled it to command a market cap of $114
million. Related Reading: Storj (STORJ) Wyckoff Analysis (11
to 20 Dec 2023) Feature image from Canva, chart from TradingView
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