Avalanche Foundation Acquires Five Community Coins
The Avalanche Foundation recently disclosed its acquisition of five community (meme) coins native to the Avalanche blockchain network, part of its ongoing Culture Catalyst program aimed at fostering Web3 creators, driving innovation, and enhancing blockchain adoption.
Community coins, according to the Avalanche Foundation, play a crucial role in the Web3 landscape, reflecting diverse crypto communities’ interests and creativity. By acquiring these coins, the Foundation aims to support these communities while maintaining transparency through regular disclosures of its holdings.
The five community coins acquired by the Foundation—Coq Inu, Gecko, Kimbo, NoChill, and Tech—have all met established eligibility criteria, showcasing their commitment to the Avalanche ecosystem and fair Web3 practices.
Tech, also referred to as ‘Number Go Up Tech,’ is a memecoin designed to unite the Avalanche community around technology, with no underlying value but a focus on celebrating technological advancement.
Coq Inu operates on the Avalanche C-Chain and relies heavily on community support and social media engagement for its value.
Gecko, with a current market cap of approximately $10.98 million, boasts a circulating supply of around 64 billion tokens and ranks #1436 in the market.
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Kimbo, known as the community dog token of the Avalanche blockchain, has its own subnet for ecosystem growth, with a circulating supply of 69.42 billion tokens and a market cap of around $32.53 million.
NoChill, also known as AVAX HAS NO CHILL, originated from the StarsArena community and is themed around “AVAX having NO CHILL.” It is traded on platforms like Trader Joe and CoinEx.
The Foundation emphasizes its ongoing support for community coins and its readiness to adapt eligibility criteria to align with the evolving crypto community. Additionally, it is exploring ERC-404 tokens following their promising debut as a novel token class pioneered by the Avalanche community.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
