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Weeks after unveiling its $100 million memecoin fund, the Avalanche Foundation has announced a list of criteria. For a memecoin to be added to the fund, it must be more than a month old and a community coin.
Still in the meme coin space, Dogecoin is experiencing a recovery, with a recent rally above the $0.080 support level. Meanwhile, NuggetRush is witnessing massive support from investors, with over 163 million tokens purchased in just a few weeks.
Avalanche (AVAX), one of the top smart contracts platforms, shocked the crypto community when it announced its decision to purchase memecoins. The Avalanche Foundation has backed up its earlier announcement with criteria for projects to be considered in the $100 million memecoin fund.
According to the blog post, for consideration, the meme coins must be at least a month old. In addition, they must be under what the Avalanche Foundation called "community coins." This means the contracts of the project must have been renounced.
These memecoins must also have at least 2,000 unique holders and $200,000 or more in liquidity from 50 different providers. This limits the number of ETH meme coins and SOL meme coins to be considered.
NuggetRush (NUGX) is one of the new DeFi projects looking to disrupt the gaming space with very unique features. Offering more earning potential than the top GameFi titles, NuggetRush has seen a surge in investor interest. Token sales in NuggetRush's (NUGX) cryptocurrency ICO have now crossed 163 million, showing massive interest in the DeFi coin.
This new game takes players through an immersive journey of the gold rush. Players compete with one another to build the biggest mining business in this tough game. Your potential earnings increase with the size of your mining activities. In the game, NFT characters also help players on their mining expeditions.
Gamers can recruit NFT workers to build the most efficient mining team. NuggetRush is one of the top DeFi projects because this is not the only way to earn wealth on the platform. Players can sell mined resources on the game's marketplace and earn cash and NFT gaming rewards. These rewards can be swapped for real money.
Additionally, gamers can stake their NFT assets for a fixed period, which offers up to 20% APY, depending on the lockup duration. This makes them the coolest NFT collection in the GameFi space. NuggetRush also has a native ERC20 coin, NUGX. While it only trades at $0.018 per coin, analysts have forecasted a 25x rally for NUGX in 2024.
In recent weeks, as the crypto market struggled with bearish pressure, Dogecoin (DOGE) was hit by a huge loss. The price of the most prominent meme coin dropped from a $0.095 high price in 2024 to as low as $0.076.
But the Dogecoin value has started an amazing comeback, moving above the $0.080 support level again. However, the recovery takes place amidst rising trading volume and also social media dominance. The social dominance of DOGE has reached a new peak amid demands by the community for Musk's Xpayment platform to incorporate their meme coin.
Although no confirmation has been made, an integration could see Dogecoin's price rise in impressive proportions during 2024. Moreover, Dogecoin is one of the most popular meme coins, and it can also be added to the Avalanche fund.
Avalanche's update has increased the enthusiasm in the memecoin community. With Dogecoin at the forefront of the recovery, it is possible that there may be a meme season rally in 2024. With the overwhelming utility and earning opportunities it offers, NuggetRush is undoubtedly set to lead the charge in 2024.
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