Avalanche Foundation Announces Holdings of 5 Memecoins

The Avalanche Foundation, the developer of the Avalanche blockchain, has revealed that they own 5 memecoins. These include Coq Inu (COQ), Gecko Inu (GEC), Kimbo (KIMBO), AVAX HAS NO CHILL (NOCHILL), and Tech (TECH).

Community coins have become a cornerstone of Web3, representing the spirit, uniqueness, and interests of diverse crypto communities.

Today, the Avalanche Foundation announces its first five community coin holdings:$COQ, $KIMBO, $TECH, $GEC and $NOCHILL https://t.co/3kcz1EGhqn

— AvalancheFDN (@AvalancheFDN) March 14, 2024

The investment in memecoins was drawn from the 100 million USD Culture Catalyst fund announced by Avalanche in March 2022 to promote web3 in the ecosystem.

However, these memecoins have not shown significant reactions following Avalanche’s announcement. In the past 24 hours, their fluctuations have been as follows: COQ (-16%), TECH (-27%), KIMBO (+7%), NOCHILL (+2%), and GEC (+64%).

The Avalanche Foundation announced its memecoin investment plan last year after recognizing the importance of this segment. The condition for gaining the fund’s attention is that the coins must have high community value.

The investment appetite shared by the fund is:

Each community coin held by the fund must adhere to the conditions set by the fund. They often bring value to Avalanche and the web3 space in general.

In addition to memecoins, the Avalanche Foundation is also considering adding other ERC-404 tokens to expand its investment portfolio and may adjust its criteria in the future.

Memecoins have been one of the main segments contributing to the recent prominent market development. Some of the hottest names include Pepe, Dogecoin, Floki, Wif, and Bonk.

Furthermore, the Avalanche Foundation is also considering adding other ERC-404 tokens to its investment portfolio and may adjust its criteria in the future.

Related: Avalanche Announces Development of Vryx Solution

Chart of AVAX after the announcement by the Avalanche Foundation

AVAX/USDT chart on Tradingview at 7:10 AM on March 15, 2024