Avalanche (AVAX) meme coin frenzy begins: main reason

Avalanche (AVAX) meme coin frenzy begins: main reason

The meme coin euphoria on the Ethereum (ETH) and Solana (SOL) blockchains resulted in dozens of magnificent “dog coins” and “cat coins” pumps. The high-performance L1 blockchain Avalanche (AVAX) could be the next “hotbed” for meme coin fans.

The meme coin euphoria on the Ethereum (ETH) and Solana (SOL) blockchains resulted in dozens of magnificent “dog coins” and “cat coins” pumps. The high-performance L1 blockchain Avalanche (AVAX) could be the next “hotbed” for meme coin fans.

Avalanche Foundation Cultural Catalyst Will Support Meme Coins

In a unique move, Avalanche Foundation, a nonprofit organization that manages the progress of the Avalanche (AVAX) blockchain platform, is expanding 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 highlighted that meme coins have already “made their way” into the Web3 scene alongside real-world assets (RWA) and non-fungible tokens (NFT). That is why the decision was made to include them in the foundation’s portfolio.

As Guru-Investingpreviously reported, in Q4 2023, meme coin mania expanded from Ethereum (ETH) and BNB Smart Chain (BSC) to Solana (SOL), another L1 with smart contracts.

Related
New Solana Meme Dogwifhat Coin Scores on Award-Winning Exchange – Here’s the WIF Price Reaction

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

Furthermore, Dogwifhat (WIF) became the fastest growing Solana meme coin in December and gained several prominent listings on CEX just three weeks after its launch.

Avalanche meme coins (AVAX) run towards new price highs

The unexpected announcement from the Avalanche Foundation immediately sparked 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.

Additionally, some small-cap meme coins on Avalanche (AVAX) experienced parabolic growth. Husky Avax (HUSKY) price tripled in 24 hours and set a new local high, while Shibavax (SHIBX) added more than 17%. Both coins are only listed on the Avalanche-based DEXs Pangolin and Trader Joe.

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