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Avalanche (AVAX) Meme Coins Frenzy Kicks Off: Main Reason

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Sat, 30/12/2023 - 14:31
Avalanche (AVAX) Meme Coins Frenzy Kicks Off: Main Reason
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The meme coin euphoria on Ethereum (ETH) and Solana (SOL) blockchains resulted in dozens of magnificent pumps of "dog coins" and "cat coins." High-performance L1 blockchain Avalanche (AVAX) might be the next "hotbed" for meme coin fans.

Avalanche Foundation's Culture Catalyst to support meme coins

In a unique move, Avalanche Foundation, a non-profit that stewards the progress of Avalanche (AVAX) blockchain platform, expands its Culture Catalyst incubation program to meme coins. According to an official statement, the Foundation treats meme coins as a representation of "the collective spirit and shared interests of diverse crypto communities."

The Avalanche Foundation stressed that meme coins have already "carved a niche" in the Web3 scene alongside real-world assets (RWAs) and non-fungible tokens (NFTs). That's why the decision was made to include them in the foundation's portfolio.

As covered by U.Today previously, in Q4, 2023, the meme coin mania expanded from Ethereum (ETH) and BNB Smart Chain (BSC) to Solana (SOL), another L1 with smart contracts.

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Bonk (BONK), the largest Solana meme coin, managed to explode into the top 100 cryptocurrencies by market capitalization. It also replaced Floki Inu (FLOKI) as the third largest meme coin, only surpassed by DOGE and SHIB, two "dog coin" heavyweights.

Also, Dogwifhat (WIF) became the fastest-growing Solana meme coin of December and scored a number of prominent CEX listings merely three weeks after launch.

Avalanche (AVAX) meme coins racing toward new price highs

The unexpected announcement by Avalanche Foundation immediately triggered interest in Avalanche-based meme cryptocurrencies.

Coq Inu (COQ), the largest Avalanche meme coin, increased its capitalization by 150% in a few hours and returned to the elite club of nine-digit crypto assets.

Also, some low-cap meme coins on Avalanche (AVAX) witnessed parabolic growth. The Husky Avax (HUSKY) price tripled in 24 hours and set a new local high, while Shibavax (SHIBX) added over 17%. Both coins are only listed on Avalanche-based DEXes Pangolin and Trader Joe.

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