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NewsAvalanche Unveiled Criteria for its $100M Meme Coin Fund

Avalanche Unveiled Criteria for its $100M Meme Coin Fund

Jan 25,2024,01:56

Reported by Cointelegraph, Avalanche-based memecoins wanting a slice of a $100 million fund must be at least one month old, among other newly unveiled criteria from the Avalanche Foundation, which recently expanded the scope of its fund to capture what it calls “community coins.”

In a Jan. 23 blog post, the Avalanche Foundation handed down a range of flexible criteria for its memecoin picks for its $100 million “Culture Catalyst” fund — initially launched to invest in nonfungible token artists.

It said all eligible meme tokens must have their contracts renounced, possess a low ownership concentration among whales and have high levels of liquidity, among other requirements.

The foundation noted many of its criteria were flexible, but it had firm minimum eligibility requirements, including a minimum of 2,000 unique holders, at least $200,000 in liquidity from 50 different providers, and the project “should be in existence for at least one month.”

The foundation’s initial announcement that its fund expanded to include memecoins in late December 2023 was met with raised eyebrows from market commentators, with some deriding the organization for its “desperate and unbecoming” move.

Despite the backlash, the Avalanche Foundation revealed it had “already started” using its Culture Catalyst program to deploy capital into “community coins.”

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