Shortly after the Avalanche Foundation went on a community currency purchasing binge, which was prompted by the establishment of an eligibility structure for supported tokens, the first phase of Memecoin Rush was launched.
The Foundation has set aside a sizeable chunk of its $100 million NFT incubator fund to buy these tokens. Important considerations in the selection process were project maturity, liquidity, significant holders, and favorable social opinion.
Ava Labs' BD Manager, Eric Kang, highlighted the importance of meme currencies in the web3 area.
According to Kang, memecoins are now a fundamental component of Web3, symbolizing the individuality and passions of various cryptocurrency communities.
He went on to say that Memecoin Rush will provide a forum for individuals to interact with active groups at the forefront of cultural expression and discover the variety of defi protocols that are unique to Avalanche.
!DHEDGE