How To Legitimize Meme Coins
TL;DR
The Avalanche Foundation is buying up millions of dollars worth of meme coins, in order to legitimize and support well behaved/culturally relevant meme projects.
Full Story
One of the industry big dogs, the Avalanche Foundation, has just announced it’s buying up millions of dollars worth of meme coins.
Why? ‘For the culture.’
It’s pretty nuts.
That said, meme coins have an interesting dichotomy in the Web3 space…
On one hand, they bring in a ton of new users and traffic. But, on the other, they’re extremely volatile and often fueled by pure hype, with no real utility.
So then why are we strangely excited about this?
Ok, hear us out…
Remember the show Scared Straight - where parents would send their mis-behaving kids to visit prison, and have them ‘scared straight’?
Well, to us, seeing meme coins embraced by a major project like Avalanche, feels akin to those mis-behaving kids, visiting prison.
You change their environment → you change the way they behave → you change the way the rest of the world sees them.
Take Dogecoin for example: it was created as a joke, but became more and more resilient as it was endorsed by more and more people over the years.
And it looks like this is the trajectory Avalanche wants to set for other meme coins.
The foundation plans on purchasing coins that reach certain standards and expectations, but are also seen as culturally relevant.
It’s weird. But we like weird!