- The Avalanche Basis’s resolution to put money into meme cash has been met with criticism.
- The worth of AVAX fell considerably as brief positions taken grew.
Avalanche [AVAX] has witnessed a surge in curiosity over the previous couple of weeks. To capitalize on this surge in curiosity, Avalanche adopted an unconventional technique.
Meme-ing round
The Avalanche Basis, recognized for backing the event of the Avalanche blockchain ecosystem via grants and investments, intends to accumulate meme cash.
This initiative acknowledges the various niches inside the cryptocurrency market, spurred by the latest surge in tokens like Bonk [BONK], which considerably boosted exercise on the Solana [SOL] community earlier this month.
The choice confronted a major backlash inside the cryptocurrency neighborhood. Responding to considerations, Avalanche founder Emin Gün Sirer addressed the criticism in a tweet.
The individuals attempting to fade memecoins are the identical sort of people that had been fading pop music within the 60s, calling Banksy a vandal within the 80s, and shittalking rap within the 90s.
— Emin Gün Sirer🔺 (@el33th4xor) December 29, 2023
A well timed response
He in contrast these criticizing meme cash to people who dismissed pop music within the 60s, labeled Banksy as a vandal within the 80s, and criticized rap within the 90s.
Sirer emphasised Avalanche’s sturdy institutional exercise, distinguishing it from cash making guarantees with out supply.
He recommended the Avalanche Basis’s imaginative and prescient in supporting meme cash, acknowledging the cultural significance of those cash as social signaling mechanisms.
Whereas Sirer initially had reservations about meme cash, he now acknowledges their worth as cultural expressions.
He emphasised {that a} coin doesn’t want a roadmap or advanced guarantees to be official; it could possibly merely be owned for private desire and social signaling.
Sirer cautioned concerning the volatility of meme cash, advising cautious consideration resulting from their unpredictable nature in an already unstable market.
Drawing parallels along with his previous advice of Dogecoin in 2015 for its enjoyable and experimental enchantment, Sirer highlighted the significance of meme cash retaining their pleasurable and entertaining facets to stay precious.
Learn Avalanche’s [AVAX] Value Prediction 2023-24
AVAX bleeds
Nonetheless, the markets didn’t share the identical enthusiasm as Emin. Within the final 24 hours, the worth of AVAX fell by 8.17% and was buying and selling at $38.61. Because of the worth of AVAX plummeting, the variety of brief positions taken towards AVAX had grown.
At press time, the share of brief positions taken towards was 53.41%. Solely time will inform whether or not the meme coin growth will assist AVAX in spoiling the bears’ plans.
Supply: Santiment