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The Avalanche Foundation kicked off phase one of Memecoin Rush, a $1 million liquidity mining incentive program to catalyze the community coin ecosystem on the Avalanche (AVAX) blockchain.

After a minor bull run, the markets appear to have halted their upswing as the bulls are possessing some weakness. Despite this, major tokens have been trying hard to trigger a recovery phase, and Shiba Inu is one of them.

Stablecoin activity surged significantly on the Avalanche network. Are memecoins the reason?

The Avalanche Foundation announced the launch of Memecoin Rush, a program designed to incentivize meme coin liquidity providers on selected platforms in the AVAX environment. The program will allocate $1 million to participants that provide liquidity for these tokens on Trader Joe and Steakhut, two AVAX decentralized platforms, and expand to include other platforms.

Bitcoin is struggling to sustain its recovery, signaling that higher levels are attracting sellers in BTC and altcoins.

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Avalanche, which started to dive into memecoins in December, has announced it will use a $100 million fund to buy Avalanche-based community tokens.

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Smart contract platform Avalanche (AVAX) is powering a new web3-based voucher program for a Chinese digital payment platform. In a statement, Avalanche says the voucher program targets food and beverage merchants and consumers in Southeast Asia.

Avalanche will off $1 million in incentives via the Memecoin Rush program to improve liquidity and general accessibility of community coins.

Key points of the news The Avalanche Foundation launches Phase 1 of Memecoin Rush, a liquidity mining incentive program. The goal is to scale liquidity and promote momentum in the community coin ecosystem. SteakHut and Trader Joe are the first participants, offering trading strategies and adding liquidity for certain community tokens.

The Avalanche Memecoin Rush was launched with $1 million in liquidity mining.

In a groundbreaking initiative in Southeast Asia, users can now earn vouchers by participating in a branded mini-game. These vouchers offer up to 50% off milk teas from 10 top brands.

In this first phase, the Foundation will provide $1 million AVAX as incentives and select community coins for SteakHut and Trader Joe liquidity providers.

The Avalanche Foundation is capitalizing on the meme coin craze with incentives to boost meme coins like Kimbo, Coq Inu, and Gecko.

The smart contracts platform Avalanche recently said it is collaborating with the Chinese payments giant Alipay to launch a Web3-enabled voucher program. The second phase will see the proof of concept being expanded to more than 100 million users from Southeast Asian countries.

Since March 12th, keen observers have noted a notable phenomenon in AVAX's Relative Strength Index (RSI) on the one-day timeframe. Despite AVAX prices climbing higher, the RSI has been forming lower highs, signaling a potential bearish divergence.

Bitcoin and altcoins are starting to recover, but traders will watch closely to see if higher levels induce selling.

Over the past two weeks, the crypto market has witnessed a notable downturn following the lead of Bitcoin price which recently plunged below $65000. While the aggressive selling price sparked a correction phase in most major coins.

After a rug pull on the Avalanche network, sentiment surrounding the network saw a decline.

According to Avalanche, users can obtain the vouchers from one of its partners in Southeast Asia by playing branded mini games.

In today's digital world, partnerships between big technology companies and Blockchain platforms are changing how businesses operate and how consumers experience everyday life. China's top payment app, Alipay+, and Avalanche Blockchain have joined forces to introduce new digital solutions, marking a significant step forward in digital innovation.

TL;DR Avalanche and Alipay+ D-store offer a Web3-enabled coupon program for discounts on milk teas. Expansion of the program to reach over 100 million users in Southeast Asia. The flexibility of the Avalanche Subnet and the potential for collaborations will drive the digitization of retail.

Avalanche said the initiative allows brands to test Web3 solutions and how to create new engagement opportunities with their users.