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The Avalanche Foundation expands its crypto asset portfolio to include meme coins, the cultural symbols of blockchain communities.

The Avalanche Foundation (CRYPTO: AVAX) announced on Friday a new initiative to integrate meme coins into its Culture Catalyst program to empower creators, spark innovation and accelerate blockchain adoption, highlighting the cultural significance of meme coins in the cryptoasset landscape. Culture Catalyst: Fostering Creativity And Adoption: Launched last year, the Culture Catalyst program by the Avalanche Foundation focuses on nurturing new forms of creativity, culture and lifestyle enabled by blockchain technology.

Several Avalanche-based memecoins are up more than 100% today after the blockchain network's Foundation revealed plans to start buying this class of digital assets through its Culture Catalyst initiative. Memecoin purchase goals In a Dec.

Bitcoin price remains rangebound but several altcoins that have seen sharp rallies are now witnessing profit-booking.

What is Avalanche ($AVAX)? Avalanche is a blockchain platform known for its high throughput, low latency, and scalability. It's designed to address some of the limitations of older blockchain platforms like Bitcoin and Ethereum, particularly regarding transaction speed, cost, and scalability.

The Avalanche Foundation is considering the purchase of these particular cryptocurrencies.

To be included in their portfolio, meme coins must meet specific criteria: substantial holders, liquidity, project maturity, and positive social sentiment.

The Avalanche Foundation announced its intention to deepen its involvement in the world of memecoins as part of its “Culture Catalyst” initiative. This strategic move aims to recognize and promote the culture and fun embodied by memecoins through the acquisition of select cryptocurrencies of this kind.

For the planned investments in selected meme projects on the Avalanche network, the non-profit has outlined specific requirements for eligibility in the program.

The Avalanche Foundation will use the $100 million Culture Catalyst fund to purchase the meme coin based on its chain.

The price of Avalanche-based meme coins including Husky Avax and Coq Inu rose by double-digits on the news.

After a week-long wave of bearish headwinds, a vital on-chain metric suggests Avalanche (AVAX) price could be on the verge of a trend reversal.

“These coins, often inspired by internet culture and humor, go beyond mere utility assets,” the foundation said.

Initially established as a program aimed at ‘sparking innovation,' Avalanche's Culture Catalyst will now spend funds to buy meme coins. In an X announcement on Dec.

Avalanche says it will utilize its $100 million NFT incubator initiative to start investing in select memecoins, which it says encourages the “culture and fun” brought about by meme-derived tokens.

The Avalanche Foundation has taken a significant step by announcing its support for the Meme sector through the Culture Catalyst funding program. The initiative marks a strategic move to recognize and nurture the unique culture and creativity the Meme ecosystem embodies.

Let's take a look at the graphic situation of the respective crypto DOT; AVAX and ADA.

Yeti Finance, a prominent protocol in the Avalanche ecosystem, has announced its decision to wind down operations. The announcement comes as a significant development in the DeFi space and impacts trove owners, token holders, and the broader community.

Avalanche (AVAX) saw a remarkable run in 2023, emerging as among the top alts of the year. Recent stats show the crypto attaining record-high figures in network validators and active monthly users. The project had around 1,708 validators as of December 26, marking the highest amount ever seen by the network.

In the ever-evolving realm of blockchain technology, Ethereum has long been hailed as a pioneer, the go-to platform for decentralized applications (dApps) and the thriving world of decentralized finance (DeFi). However, the year 2023 has seen a remarkable 85% increase in Ethereum's market cap, a significant surge that nonetheless trails behind other major assets in the blockchain universe.

Avalanche is about to end December 2023 on a high note in key metrics; could this continue in 2024?

Bitcoin is forming a bullish pattern, but the RSI shows a negative divergence, giving conflicting signals about the next directional move in the near term.

Besides the Cardano ecosystem, Avalanche and Optimism also appear to be bustling with developer activity.

Solana now ranks as the fourth-largest cryptocurrency by market cap yet trails behind its main Layer 1 blockchain rivals in December price growth.