Avalanche Foundation Holds These 5 Memecoins
Avalanche Foundation has just announced 5 memecoins they currently hold in their investment portfolio.
Avalanche Foundation Holds These 5 Memecoins. Image: Crypto Daily
Avalanche Foundation, the blockchain development organization behind Avalanche, has disclosed ownership of 5 memecoins, which they refer to as "community coins." The mentioned names include Coq Inu (COQ), Gecko Inu (GEC), Kimbo (KIMBO), AVAX HAS NO CHILL (NOCHILL), and Tech (TECH).
Investment in memecoins has been sourced from the Culture Catalyst, a $100 million USD seed fund announced by Avalanche in March 2022 to boost web3 development within its ecosystem.
Overall, memecoins showed mixed reactions following Avalanche's announcement. The 24-hour price fluctuations are as follows: COQ (-16%), TECH (-27%), KIMBO (+7%), NOCHILL (+2%), GEC (+64%).
Price fluctuations of COQ, TECH, KIMBO, NOCHILL, and GEC on a 15-minute timeframe. Source: Tradingview
Community coins have become a cornerstone of Web3, representing the spirit, uniqueness, and interests of diverse crypto communities.
— AvalancheFDN (@AvalancheFDN) March 14, 2024
Today, the Avalanche Foundation announces its first five community coin holdings:$COQ, $KIMBO, $TECH, $GEC and $NOCHILL https://t.co/3kcz1EGhqn
Avalanche Foundation announced plans to acquire memecoins last year after recognizing the segment's importance. Criteria for inclusion in their portfolio include high community value. The fund shared its investment appetite:
"Each community coin we hold must adhere to specific criteria set by the fund. These tokens typically add value to Avalanche and the broader web3 space."
Avalanche also imposes strict requirements such as immunity from manipulation, anti-bot capabilities at launch, robust security measures to prevent attacks, high liquidity, sufficient longevity, stable market capitalization, and trading volume...
In practice, memecoins have been a key segment driving market breakthroughs in recent months. Leading names include Pepe (PEPE) on Ethereum, Bonk (BONK), and dogwifhat (WIF) on Solana...
Additionally, Avalanche Foundation is evaluating additional ERC-404 tokens to expand its investment portfolio, with potential adjustments to criteria in the future.
Despite the parent company's investment in memecoins, AVAX has not been spared from the ongoing market downturn. Nonetheless, the token has risen over 30% in the past month.
1-hour chart of the AVAX/USDT pair on Binance at 12:05 PM on March 15, 2024
