The Avalanche Foundation has disclosed the first set of community coins, also called meme coins, in which the institution has invested under its $100 million Culture Catalyst fund launched in 2022. Coq inu, gecko, kimbo, nochill, and tech are the first five currencies that are part of the foundation’s holdings, and more might be chosen in the future.
Avalanche Foundation Discloses First Batch of Meme Coin Holdings
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Avalanche Foundation Discloses Meme Coin Picks
Avalanche has revealed the first batch of community tokens, the so-called “ meme coins,” which have fulfilled the requirements to be part of its treasury. The foundation announced it would invest in this kind of asset in December, declaring it would do it with part of the $100 million Culture Catalyst fund launched in 2022.
Five assets are already part of the meme coin treasury of the foundation: coq inu, gecko, kimbo, nochill, and tech, which are native to the Avax ecosystem. However, the institution did not disclose the amounts held in each of these coins.
The foundation reinforced the value it sees in the meme coin ecosystem, stating these “have become vital Web3 touchstones today,” and “represent the fun, spirit, uniqueness, and interests of diverse crypto communities.” It also confirmed that it is committed to supporting these assets in the long run and adapting its requirements to include more early assets with the “credibility to build tools for the Avalanche ecosystem.”
These requirements were announced in January, establishing that only Avax native community tokens with certain liquidity levels and trading volumes would be eligible for these investments. However, the organization stressed that these are constantly evolving, and might change, as it “reserves the right to make any changes as it deems fit to further its mission and this particular initiative.”
Nonetheless, the foundation detailed that it is also evaluating ERC-404 tokens as a “promising” new asset class that Avalanche is helping to pioneer, hinting at possible investments in these. ERC-404 is a token standard that makes the fractioned ownership of non-fungible tokens ( NFTs) possible.
What do you think about the Avalanche Foundation’s meme coin investments? Tell us in the comments section below.
