The Avalanche Foundation has announced its plans to expand support for meme coins as part of its Culture Catalyst initiative. This move aims to foster innovation and drive the adoption of blockchains by encouraging the creation of new forms of creativity, culture, and lifestyle. The foundation believes that meme coins have carved out a significant niche in the crypto market, representing the collective spirit and shared interests of diverse crypto communities.

As part of this initiative, the foundation will start by purchasing select Avalanche-based meme coins to create a collection. The selection process will be based on various criteria, including the number of holders, liquidity thresholds, project maturity, fair launch principles, and overall social sentiment. This step is significant for the Avalanche Foundation as it recognizes the potential of meme coins to drive innovation and growth.

The support for meme coins is expected to further boost the popularity of Avalanche and its native coin, AVAX. AVAX has been on an uptrend, adding nearly 400% from its October 2023 lows. With the foundation’s focus on meme coins, more attention will be drawn to AVAX, which is used for paying network fees. This increased demand is likely to drive AVAX prices even higher.

One of the Avalanche-based meme coins, COQ, has gained significant traction and is among the top 10 most liquid meme coins. It has attracted over 34,000 holders and has a market cap of $114 million. Dogecoin (DOGE) currently holds the title of the largest and most valuable meme coin, with a market cap of over $13.2 billion.

The foundation’s move to support meme coins reflects the growing recognition of their potential to drive innovation and growth in the crypto market. This initiative is expected to expand the Avalanche ecosystem and attract new users, further solidifying its position as a low-fee and high-throughput blockchain.