- The Avalanche Foundation is fast-tracking its plan to buy meme coins.
- On Tuesday, the foundation issued rules for eligible meme coins.
- The rules are not rigid, as they are subject to change.
The Avalanche Foundation has published an “eligibility framework” detailing guidelines for its maverick plan to acquire meme coins.
Meme coins are cryptocurrencies that mimic characters, individuals, artwork, animals, or viral internet trends that can be light-hearted and fun. They often draw support from enthusiastic online communities and traders.
Late last year, following their rising popularity, the Avalanche Foundation announced a plan to integrate meme coins into its Culture Catalyst program.
Avalanche’s Meme Coin Rulebook
In a report issued on January 23, the Avalanche Foundation laid out an eligibility criteria framework that creators will need to follow if the foundation decides to “support” their community coins.
Per the three-page framework, meme coins independent of the creators and native to the Avalanche blockchain might be considered. At the same time, those hoarded by whales or launched without whitelists might not be looked kindly upon.
Additionally, eligible meme coins should demonstrate high liquidity and active daily trading volume from a “diverse number of account holders” and meet a minimum lifespan and “a substantial sustained market cap .”
While the foundation stated that the above rules “are subject to change” in its sole discretion, it issued the “concrete numbers” used for the criteria as of January 2024.
The Current Eligibility Criteria for Meme Coins
The foundation might consider a meme coin with at least 2,000 unique wallet holders and at least $200,000 in liquidity provided by 50 or more liquidity providers.
Besides being in existence for at least a month, an eligible meme coin should have a fully diluted market capitalization of at least $1 million and an average daily trading volume of at least $100,000 on Avalanche-based decentralized exchanges (DEXs).
Read why Polygon founder might back meme coins:
Polygon Founder Mulls Backing Memecoins as Mania Soars
Stay updated on this “hilarious” meme coin scammer:
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