Avalanche is embracing memecoin culture, but high-profile figures, including Ethereum’s Vitalik Buterin, have recently spoken out against memes and “degen gamblers.”
The Avalanche Foundation is broadening the scope of its “Culture Catalyst” initiative to fund the purchase of memecoins.
The $100-million investment fund initially focused on nonfungible tokens (NFTs), but an announcement on Dec. 29 revealed that at least some of that allocation would bankroll memecoin acquisitions instead.
The Avalanche community and some market analysts have reacted positively to the move, but memecoiners still face stigma within the crypto industry. In a recent blog post, Ethereum co-founder Vitalik Buterin described memecoiners as “degen gamblers.”
