Avalanche Foundation is about to start buying memecoins for the 'culture'

Avalanche says it will utilize its $100 million NFT incubator initiative to start investing in select memecoins, which it says encourages the “culture and fun” brought about by meme-derived tokens.

Timeline of Avalanche

The cryptocurrency market recorded a significant performance in 2023, and altcoins such as Solana, Avalanche, and Helium stole the show as they brought unique tales to the digital assets world.

The digital assets landscape in 2023 witnessed stellar performances from Solana (SOL) taking the spotlight as a standout performer. Alongside Solana, Helium (HNT), Avalanche (AVAX), and Stacks (STX) showcased impressive surges, with each bringing a unique narrative to the crypto saga.

Avalanche (CRYPTO: AVAX) and Solana (CRYPTO: SOL), have surpassed Dogecoin (DOGE) and Binance Coin (CRYPTO: BNB) in market capitalization respectively, according to data by CoinMarketCap. What Happened: AVAX on Thursday surged over 16%, while SOL increased 8% in the last 24 hours.

A well-known person in the blockchain world, famous for making good predictions about the market, is talking about two cryptocurrencies: Avalanche (AVAX) and Fetch.ai (FET). AVAX is all about smart contracts, and FET focuses on artificial intelligence.

A widely followed crypto trader is predicting more rallies for smart contract protocol Avalanche (AVAX) and artificial intelligence (AI)-focused altcoin Fetch.ai (FET). Pseudonymous analyst Altcoin Sherpa tells his 201,600 followers on the social media platform X that Avalanche is likely not yet done rallying.

In a groundbreaking move, Masa has launched its zk-data network, a marketplace built on a subnet powered by Avalanche's AvaCloud. This innovative platform is set to disrupt big tech data silos, incentivizing a consented and verified data marketplace between data providers and consumers.

Avalanche (CRYPTO: AVAX) has eclipsed Dogecoin (CRYPTO: DOGE) to claim the ninth spot on CoinMarketCap's leaderboard of the top 100 cryptocurrencies. What happened: The market value of Avalanche has swelled to $14.23 billion at the last count, edging out Dogecoin's $13.64 billion market cap.

Avalanche has seen its native token AVAX rise rapidly over the last 30 days to make its way into the top 10 tokens by market cap. This rally was not exactly out of the blue as activity had begun to pick up once more on the Avalanche network.

Crypto Price Prediction: On December 11th, the crypto witnessed a sudden sell-off as the leading cryptocurrency also reverted from $44500 higher. This reversal has turned the uncertainty of many major cryptocurrencies into a short pullback.

Avalanche (AVAX), a cryptocurrency that has been turning heads recently, stands out as one of the few digital assets that managed to thrive in a bearish market. While major cryptocurrencies like Bitcoin and Ethereum faced a 6% decline in December, AVAX surged, posting an impressive 13.6% gain in just 24 hours, according to CoinGecko data.