Avalanche Foundation Reveals First Batch Of Memecoin Holdings
The Avalanche Foundation has announced the acquisition of five meme (community) coins native to the Avalanche blockchain network.
The move is part of the Avalanche Foundation’s ongoing Culture Catalyst Program that aims to support Web3 creators, drive innovation, and promote the broader adoption of Avalanche.
Avalanche Foundation Discloses Meme Coin Holdings
The Avalanche Foundation believes that community coins play a crucial role in today’s Web3 landscape and represent the unique interests, spirit, and creativity of diverse crypto communities. The Foundation aims to recognize and support these diverse communities by acquiring these coins and by providing greater transparency through regular disclosures of its token holdings.
Five community coins are already a part of the foundation’s treasury. These include Coq Inu, Gecko, Kimbo, NoChill, and Tech. All of the coins listed above are native to the Avalanche blockchain and have met the foundation’s eligibility guidelines. The guidelines were announced in January and established that only Avax-native community tokens with specific liquidity and trading volume would be eligible for investments.
However, the Avalanche Foundation has stressed that these guidelines are constantly evolving and could change in the future.
“At any time, the Avalanche Foundation may change its community coin holdings, as well as continue to change its criteria for eligible community coins. Nor will the Avalanche Foundation necessarily buy all community coins meeting the criteria. The Foundation reserves the right to make any changes as it deems fit to further its mission and this particular initiative.”
The Community Coins Included
As of today, the Avalanche Foundation’s community coin holdings include Coq Inu, Gecko, Kimbo, NoChill, and Tech. Tech, also called “Number Go Up Tech,” is a meme coin that, according to its CoinMarketCap listing, has no underlying value and is designed to unite the Avalanche community around technology.
“With a playful nod to the world of cryptocurrency, TECH aims to foster a community that celebrates the rise in technology, innovation, and digital transformation. Through engaging memes and discussions, supporters of TECH rally behind the idea that technology is constantly evolving. $TECH is a meme coin with no intrinsic value or expectation of financial return. There is no formal team or roadmap. The coin is completely useless and for entertainment purposes only.”
Coq Inu is a meme coin on the Avalanche C-Chain, and has a maximum supply of 69 trillion COQ tokens. The coin’s value is largely driven by social media and community support. The third coin, Gecko, has a market cap of just under $11 million, and a circulating supply of 64 billion tokens.
Kimbo is known as the community dog token of the Avalanche blockchain and has a price of around $0.000557. The coin has a circulating supply of 69 billion KIMBO and a market cap of $32.53 million. The last meme coin in the list is NoChill, also called AVAX HAS NO CHILL. This meme coin originated from the StarsArena community and trades on platforms such as Trader Joe’s and CoinEx.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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