Avalanche Foundation buys self-proclaimed ‘completely useless’ memecoins for treasury

The Avalanche Foundation has announced its acquisition of five community (meme) coins native to the Avalanche blockchain network, as reported in a recent blog post. This move is part of the Foundation’s ongoing Culture Catalyst program, which aims to support Web3 creators, drive innovation on Avalanche, and promote broader blockchain adoption.

According to the Avalanche Foundation, community coins play a vital role in today’s Web3 landscape, representing the unique interests, spirit, and creativity of diverse crypto communities. By acquiring these coins, the Foundation seeks to recognize and support these communities while providing transparency through regular disclosures of its holdings.

The five community coins currently held by the Foundation include Coq Inu, Gecko, Kimbo, NoChill, and Tech. Each of these coins has met the Foundation’s established eligibility guidelines, demonstrating their commitment to the Avalanche ecosystem and fair Web3 practices.

Tech, also known as ‘Number Go Up Tech,’ is a memecoin described as specifically having “no underlying value,” designed to unite the Avalanche community around technology. Its CoinmarketCap listing states,

“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.”

The smart contract for Tech was deployed on March 04 and currently has a market cap of over $22 million. The language used on its listing page appears to align almost perfectly with Avalanche’s criteria for memecoin or ‘community coin’ treasury holdings. The smart contract contains the line,

“$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 (COQ) is a meme coin operating on the Avalanche C-Chain, with a total and maximum supply of 69 trillion COQ tokens. Launched on December 7, 2020, the coin’s value is largely driven by community support and social media hype.

Gecko has a current market cap of around $10.98 million, with a circulating supply of approximately 64 billion tokens. The coin’s market rank is #1436, and it has recently seen a 24-hour trading volume of around $220,556.

Kimbo (KIMBO), known as the community dog token of the Avalanche blockchain, has a live price of around $0.000557 USD and a 24-hour trading volume of $9,269,696 USD. With a circulating supply of 69.42 billion KIMBO tokens and a market cap of approximately $32.53 million, Kimbo has its own subnet to grow its ecosystem.

NoChill, also known as AVAX HAS NO CHILL, is a memecoin on the Avalanche blockchain. It was born out of the StarsArena community and is focused on the theme of “AVAX having NO CHILL.” The coin trades on platforms like Trader Joe and CoinEx

The Avalanche Foundation emphasizes that its support for community coins is an ongoing initiative, and the eligibility criteria may be adjusted to accommodate the rapidly evolving crypto community. The Foundation is also evaluating ERC-404 tokens following their promising debut as a novel token class pioneered by the Avalanche community.

As the Foundation continues to support what it believes to be culturally important Web3 projects and celebrate the culture of Avalanche, it “reserves the right to make any changes as it deems fit to further its mission and this particular initiative.” These changes assumingly mean the right to make changes to its community coin holdings and eligibility criteria to further its mission and strengthen the Avalanche ecosystem.

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