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  • The Avalanche Basis’s resolution to put money into meme cash has been met with criticism.
  • The worth of AVAX fell considerably as quick positions taken grew.

Avalanche [AVAX] has witnessed a surge in curiosity over the previous few 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 by way of grants and investments, intends to accumulate meme cash.

This initiative acknowledges the varied niches inside the cryptocurrency market, spurred by the current 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.

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 counseled 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 professional; it could possibly merely be owned for private desire and social signaling.

Sirer cautioned concerning the volatility of meme cash, advising cautious consideration on account of 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 pleasing and entertaining points to stay precious.

Learn Avalanche’s [AVAX] Worth 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 value of AVAX plummeting, the variety of quick positions taken towards AVAX had grown.

At press time, the share of quick positions taken towards was 53.41%. Solely time will inform whether or not the meme coin improvement will assist AVAX in spoiling the bears’ plans.

Supply: Santiment

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