{"id":8938,"date":"2023-12-29T15:53:15","date_gmt":"2023-12-29T15:53:15","guid":{"rendered":"https:\/\/coinengineer.io\/blog\/?p=8938"},"modified":"2023-12-29T15:53:15","modified_gmt":"2023-12-29T15:53:15","slug":"avalanche-s-memecoin-investment","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/avalanche-s-memecoin-investment\/","title":{"rendered":"Avalanche &#8216;s Memecoin Investment"},"content":{"rendered":"<p data-sourcepos=\"3:1-3:367\">Avalanche Foundation, a non-profit organization that oversees the development of the Avalanche Network, has announced plans to invest in memecoins using its $100 million non-fungible token (NFT) fund. In a post shared on the X platform on December 29, the foundation said that this new initiative would be implemented as part of its &#8220;Culture Catalyst&#8221; initiative.<\/p>\n<blockquote>\n<p data-sourcepos=\"3:1-3:367\">You might like: <a href=\"https:\/\/coinengineer.net\/blog\/new-member-of-avax-ecosystem-coq-inu-coq-what-is-it\/\" target=\"_blank\" rel=\"noopener\"><span style=\"text-decoration: underline;\"><em><strong>New Member of Avax Ecosystem, What is Coq Inu (COQ)?<\/strong><\/em><\/span><\/a><\/p>\n<\/blockquote>\n<p data-sourcepos=\"5:1-5:29\"><strong><span style=\"font-size: 85%;\">What is Culture Catalyst?<\/span><\/strong><\/p>\n<p data-sourcepos=\"7:1-7:122\">Culture Catalyst is a $100 million program launched in March 2022 that aims to fund promising NFT projects on the network.<\/p>\n<p data-sourcepos=\"9:1-9:10\">Avalanche:<\/p>\n<blockquote>\n<p data-sourcepos=\"11:1-11:271\"><span style=\"color: #000080;\"><em>This initiative is a step towards our goal of supporting the forms of creativity, culture, and lifestyle that blockchain provides. By selecting Avalanche-based memecoins, the foundation aims to recognize and promote the culture and entertainment represented by memecoins.<\/em><\/span><\/p>\n<\/blockquote>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Last year, the Avalanche Foundation launched Culture Catalyst, a program aimed at empowering creators, sparking innovation, and propelling the adoption of blockchains. This initiative seeks to better position Avalanche to cultivate and support the many new forms of creativity,\u2026<\/p>\n<p>&mdash; Avalanche \ud83d\udd3a (@avax) <a href=\"https:\/\/twitter.com\/avax\/status\/1740538202346381605?ref_src=twsrc%5Etfw\">December 29, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p data-sourcepos=\"13:1-13:170\">Avalanche argues that memecoins are more than just an asset, and have become a representation of the collective spirit and shared interests of diverse crypto communities.<\/p>\n<p data-sourcepos=\"15:1-15:70\">A post by an X user who is an Avalanche follower shared the following:<\/p>\n<blockquote>\n<p data-sourcepos=\"17:1-17:116\">&#8220;<span style=\"color: #000080;\"><em>Avalanche Foundation will be buying memecoins. We will be offering the highest bid for all memecoins on our chain.<\/em><\/span>&#8220;<\/p>\n<\/blockquote>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Avalanche has opened the floodgates with this announcement about the foundation buying memecoins <\/p>\n<p>There is no reason to sneak around anymore. There hasn\u2019t been any real blowback, which greenlights other chains to openly back memecoins<\/p>\n<p>&mdash; BowTiedNightOwl (@BowTiedNightOwl) <a href=\"https:\/\/twitter.com\/BowTiedNightOwl\/status\/1740598491397644575?ref_src=twsrc%5Etfw\">December 29, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p data-sourcepos=\"19:1-19:188\">However, the Avalanche Foundation has stated that a worthless memecoin cannot be added to the foundation&#8217;s collection, and that strict selection criteria will be applied for all additions.<\/p>\n<h2 data-sourcepos=\"21:1-21:55\">What are the Criteria for the Avalanche Foundation?<\/h2>\n<p data-sourcepos=\"23:1-23:71\">The criteria are based on a variety of fundamental criteria, including:<\/p>\n<ul data-sourcepos=\"25:1-31:0\">\n<li data-sourcepos=\"25:1-25:30\">A priority selection process<\/li>\n<li data-sourcepos=\"26:1-26:40\">Number of holders within the community<\/li>\n<li data-sourcepos=\"27:1-27:22\">Liquidity thresholds<\/li>\n<li data-sourcepos=\"28:1-28:18\">Project maturity<\/li>\n<li data-sourcepos=\"29:1-29:24\">Fair launch principles<\/li>\n<li data-sourcepos=\"30:1-31:0\">General social sentiment<\/li>\n<\/ul>\n<p data-sourcepos=\"32:1-32:82\">Avalanche will be forming its collection taking into account all of these factors.<\/p>\n<p data-sourcepos=\"34:1-34:289\">One memecoin that has recently come to prominence on the Avalanche network is Coqinu (COQ), a rooster-themed token. The token openly states that it is inherently worthless, and on its official website, it states that the coin &#8220;has no intrinsic value&#8221; and does not have any team or roadmap.<\/p>\n<p data-sourcepos=\"34:1-34:289\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-8941 aligncenter\" src=\"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2023\/12\/Avalanche.jpeg\" alt=\"Avalanche\" width=\"768\" height=\"218\" srcset=\"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2023\/12\/Avalanche.jpeg 768w, https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2023\/12\/Avalanche-300x85.jpeg 300w\" sizes=\"auto, (max-width: 768px) 100vw, 768px\" \/><\/p>\n<p data-sourcepos=\"34:1-34:289\">To visit COQ website click <a href=\"https:\/\/www.coqinu.com\/\" target=\"_blank\" rel=\"noopener\"><span style=\"text-decoration: underline;\"><em><strong>here.<\/strong><\/em><\/span><\/a><\/p>\n<p data-sourcepos=\"36:1-36:171\">However, according to DexScreener data, the token saw a more than 1,47 million percent increase in value from its launch on December 8 to its all-time high on December 20.<\/p>\n<p data-sourcepos=\"38:1-38:140\">Avalanche&#8217;s announcement comes amid a market-wide frenzy for memecoins on every blockchain network that supports smart contracts or scripts.<\/p>\n<p data-sourcepos=\"40:1-40:90\">In the process, one investor managed to make a profit of $1.5 million, starting with $450.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">A trader turned $454 into $2.19M in 2 weeks by trading <a href=\"https:\/\/twitter.com\/search?q=%24COQ&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$COQ<\/a>, a gain of 4827x!<\/p>\n<p>This trader spent 17.26 <a href=\"https:\/\/twitter.com\/search?q=%24AVAX&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$AVAX<\/a>($454) to buy 4.86T <a href=\"https:\/\/twitter.com\/search?q=%24COQ&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$COQ<\/a> through 7 addresses, then sold 4.61T <a href=\"https:\/\/twitter.com\/search?q=%24COQ&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$COQ<\/a> for 32,251 <a href=\"https:\/\/twitter.com\/search?q=%24AVAX&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$AVAX<\/a>($1.26M) and 259K <a href=\"https:\/\/twitter.com\/search?q=%24USDC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$USDC<\/a>.<\/p>\n<p>Currently holding 250B <a href=\"https:\/\/twitter.com\/search?q=%24COQ&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$COQ<\/a>($700K), the profit is ~$2.19M. <a href=\"https:\/\/t.co\/arsaX6Uey8\">pic.twitter.com\/arsaX6Uey8<\/a><\/p>\n<p>&mdash; Lookonchain (@lookonchain) <a href=\"https:\/\/twitter.com\/lookonchain\/status\/1737026313389736016?ref_src=twsrc%5Etfw\">December 19, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p data-sourcepos=\"42:1-42:290\">According to Lookonchain data, this investor used 17.26 Avalanche tokens ($454) to purchase 4.86 trillion COQ through seven different wallets. A week later, they sold 4.61 trillion COQ for 32,251 AVAX, worth $1.26 million. The investor is currently holding 250 billion COQ, worth $318,300.<\/p>\n<hr \/>\n<div>\n<p data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\"><em>Also, you can freely share your thoughts and comments about the topic in the comment section. Additionally, please follow us on our\u00a0<a href=\"https:\/\/t.me\/coinengineernews\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Telegram<\/strong>,\u00a0<\/a><a href=\"https:\/\/www.youtube.com\/@CoinEngineer\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>YouTube,<\/strong><\/a>\u00a0and\u00a0<a href=\"https:\/\/twitter.com\/coinengineers\"><strong>Twitter<\/strong><\/a> channels for the latest news and updates.<\/em><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Avalanche Foundation, a non-profit organization that oversees the development of the Avalanche Network, has announced plans to invest in memecoins using its $100 million non-fungible token (NFT) fund. In a post shared on the X platform on December 29, the foundation said that this new initiative would be implemented as part of its &#8220;Culture Catalyst&#8221;<\/p>\n","protected":false},"author":1,"featured_media":8940,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,2],"tags":[273,3278,3040,3277,1332,2619,103],"class_list":["post-8938","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","category-news","tag-avalanche","tag-avalanche-foundation","tag-coq","tag-coqinu","tag-memecoin","tag-network","tag-nft"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Avalanche &#039;s Memecoin Investment - Coin Engineer<\/title>\n<meta name=\"description\" content=\"The Avalanche Foundation has announced plans to invest in meme coins using its $100 million non-fungible token (NFT) fund.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/avalanche-s-memecoin-investment\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Avalanche &#039;s Memecoin Investment - 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