It should be a month
Avalanche-based memecoins seeking a piece of the $100 million fund must be at least a month old, among other newly announced Avalanche Foundation criteria, which will soon expand the fund's scope to include what it calls “community coins.”
In a blog post on January 23rd, the Avalanche Foundation laid out variable criteria for memecoin picks for its $100 million “Cultural Catalyst” fund – initially launched to invest in unhinged token artists.
He said all eligible tokens must be non-denominational, have a minimum ownership pool among whales and have high liquidity, among other requirements.
The foundation said many of its criteria are flexible, but it has minimum eligibility requirements, including at least 2,000 unique owners with at least $200,000 in liquidity from 50 different providers, and the project must exist for at least one month. “
Memecoin projects don't try to hide the fact that they are inherently worthless, as most of them are created as a joke or for fun, which appeals to memecoin enthusiasts.
The foundation's announcement in late December 2023 that the fund would expand into memecoins raised eyebrows from market commentators, with some derided the organization as a “disappointing and inappropriate” move.
Last year, the Avalanche Foundation launched a program called Culture Catalyst, which aims to empower innovators, inspire innovation, and expand the adoption of blockchain. This initiative seeks to better position Avalanche to develop and support many new forms of innovation,…
— Avalanche (@avax) December 29, 2023
The Avalanche Foundation has used its Culture Catalyst program to deploy capital into “community coins,” he said, “just getting started.”
One memecoin that has recently dominated the Avalanche narrative is a rooster-themed token called Coq Inu (COQ).
The anonymously named token commands a market cap of $75 million and stands as the most traded memecoin on the Avalanche network, according to DexScreener data.
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