The Avalanche Foundation’s plan to acquire memecoins has caused a significant rally in the prices of these meme tokens. The Foundation aims to purchase select Avalanche-based memecoins as part of its Culture Catalyst initiative, which seeks to promote the culture and fun associated with these assets. The Foundation has outlined strict selection criteria for its acquisitions, including factors such as the number of holders, liquidity thresholds, project maturity, fair launch principles, and social sentiment. This move aligns with the Foundation’s broader engagement in the blockchain ecosystem, including non-fungible tokens and real-world assets.

Following the news of the Foundation’s intention, several Avalanche-based memecoins have experienced substantial price increases. Coq Inu, Shibx, Husky, Landwolf on AVAX, and Bear have all gained over 200% in the past 24 hours. While memecoins have faced skepticism in the past due to their speculative nature and perceived lack of utility, some, such as Dogecoin, Shiba Inu, Bonk, and Pepe, have gained mainstream attention and attracted more people to the blockchain industry. These assets play an important yet often overlooked role in the broader cryptocurrency landscape.