The Avalanche Foundation’s decision to invest in meme coins has been met with criticism.
The price of AVAX fell significantly as short positions taken grew.
Avalanche [AVAX] has witnessed a surge in interest over the last few weeks. To capitalize on this surge in interest, Avalanche adopted an unconventional strategy.
Meme-ing around
The Avalanche Foundation, known for backing the development of the Avalanche blockchain ecosystem through grants and investments, intends to acquire meme coins.
This initiative acknowledges the diverse niches within the cryptocurrency market, spurred by the recent surge in tokens like Bonk [BONK], which significantly boosted activity on the Solana [SOL] network earlier this month.
The decision faced a significant backlash within the cryptocurrency community. Responding to concerns, Avalanche founder Emin Gün Sirer addressed the criticism in a tweet.
The people trying to fade memecoins are the same kind of people who were fading pop music in the 60s, cal
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