The memecoin frenzy is going institutional. Avalanche, one of crypto's leading smart contract platforms, has acquired stakes in five community meme tokens native to its blockchain - including Coq Inu, Gecko, Kimbo, NoChill, and Tech.

The investments are part of Avalanche's Culture Catalyst program aimed at supporting Web3 creators and fueling ecosystem growth. With memecoins like Bonk and WIF skyrocketing in recent months, the Foundation sees value in embracing the cultural phenomenon.

"Community coins play a crucial role in today's Web3 landscape," Avalanche said in announcing the buys. "They represent the unique interests, spirit, and creativity of diverse crypto communities."