Avalanche Announces Criteria For $100M Memecoin Purchases, AVAX Tokens Surge

Cryptocurrency

The Avalanche (CRYPTO: AVAX) foundation announced the eligibility criteria it has set for community coins, which it will consider supporting.

The announcement triggered AVAX to move 4% higher.

What Happened: After announcing its Culture Catalyst program to integrate memecoins in late December 2023, the Avalanche Foundation revealed its criteria for meme coins eligible for purchase in its $100 million Culture Catalyst program.

The foundation has already started purchasing memecoins without disclosing their names and investment amounts. The multiple eligibility criteria are set up around security, maturity, and popularity, among many other factors:

Fair launch of the tokens that are older than one month.
Tokens resistant to snipe bots or automated trading algorithms.
Tokens should be secured, verified, audited and have undergone due diligence.

While these are the characteristic eligibility criteria, the token should also satisfy certain requirements of minimum holders, supply and other factors:

The memecoin must report at least 2,000 unique holders, more than $200,000 in total liquidity, a market cap of at least $1 million, and an average daily trading volume exceeding $100,000 on Avalanche decentralized exchanges.
The top 100 holders must collectively own less than 60% of the total supply.
The token must have more than 50 liquidity providers.

Read Next: Dogecoin Rival Memecoin Rallies 18% After Binance Labs Investment, Analyst Predicts ‘2024 Will Be Huge’ For Memecoins

Why It Matters: In the past 24 hours of trading, Avalanche witnessed a 4% surge, cushioning its past month’s losses of 37.4%. Memecoins on the leaderboard include Coq Inu, which is up 1.3% in the past 24 hours, while Lizard surged 28%. Husky Avax is trading 29% higher.

Bitget Wallet posted “Bitget Swap’s ‘Avax Meme’ leaderboard! $COQ, $LIZARD, $KIMBO, $HUSKY, $MEAT, $WOLF and more!”

Youtuber Crypto Atlas also noted Sponk as the new memecoin joining the AVAX network. 

Memecoin Daddy, Rodney appreciated Avalanche in his tweet for recognizing how important memecoins are to the ecosystem. He also said that other native coins should support their meme tokens.

REKTBuildr noted on X that there is a striking resemblance between AVAX in 2021 and 2024.

Am I the only one seeing a striking resemblance between #AVAX in 2021 and 2024? pic.twitter.com/vwDJemlsEY

— REKTBuildr 🔺🔺🔺 (@rektbuildr) January 23, 2024

Altcoins hunter, Wolf Of Altcoins took to his X platform and provided potential targets of investors’ favourite coins from current levels.

Here are the potential targets of your favorite coins from their current price:

5x max$SOL$BTC$ETH$XRP

Around 10x$MATIC$AVAX$ADA$QNT$DOT$HBAR$ATOM$DOGE

20x$NEAR$INJ$KAS$OP$ARB$TIA$IMX$SEI$SUI

50x to 100x$AZERO$ATOR$FLUX$DNX$QUBIC$ZEPH$MUBI

If…

— Wolf Of Altcoins (@wolfaltcoin) January 22, 2024

Also Read: Solana Drops 9.9%, Solana Memecoins Tank Over 20%: Is This The End Of The Dogecoin Killers?

Photo: Shutterstock

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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