Here are the 5 memecoins disclosed by the Avalanche Foundation in its initial holdings

Crypto News– The Avalanche Foundation, responsible for supporting the Avalanche blockchain network, revealed its ownership of five distinct memecoins on Thursday morning.

Here are the 5 memecoins disclosed by the Avalanche Foundation in its initial holdings

In a blog post, the foundation disclosed its holdings of Coq Inu, Gecko, Kimbo, NoChill, and Tech. These tokens, described as representing the diverse and vibrant crypto communities, collectively boast a market capitalization of around $541 million, with Coq Inu dominating over 74% of the total. This announcement follows more than three months after the foundation’s initial plans to procure memecoins through its Culture Catalyst Initiative, a $100 million creator program introduced by Avalanche in 2022.

Vikram Nagrani, director of the Avalanche Foundation, stated, ‘The disclosure of our community coin holdings today reflects our commitment to nurturing grassroots community efforts and fostering community spirit within the Avalanche ecosystem, which are essential for the vibrancy and engagement of the Avalanche network,’ during an interview with Unchained.

Lacking inherent worth

The memecoins held by the Avalanche Foundation embody the essence of meme culture, emphasizing humor and communal interests rather than traditional market fundamentals.

Coq Inu, boasting a total supply of 69.42 trillion tokens, gains traction through its chicken-inspired mascot and witty wordplay in its name. Gecko, represented by a cartoon lizard, originated from a regional community in Vietnam. Meanwhile, Kimbo is celebrated as the ‘community web3 dog’ exploring the Avalanche ecosystem, as highlighted on its X account.

NoChill serves as a memecoin referencing colloquial slang used within and outside the crypto sphere, describing various social behaviors such as recklessness or disregard for others. Lastly, Tech draws its name from the popular crypto adage ‘We are in it for the tech,’ symbolizing a commitment to technological innovation.