The Avalanche Foundation has disclosed its acquisition of five community (meme) coins native to the Avalanche blockchain network in a recent blog post. This action is part of the Foundation’s ongoing Culture Catalyst program, aimed at backing Web3 creators, fostering innovation on Avalanche, and encouraging broader blockchain adoption.

According to the Avalanche Foundation, community coins are significant in today’s Web3 landscape, embodying the unique interests, ethos, and creativity of various crypto communities. By procuring these coins, the Foundation intends to acknowledge and support these communities while ensuring transparency through regular disclosures of its holdings.

The five community coins currently in the Foundation's possession are Coq Inu, Gecko, Kimbo, NoChill, and Tech. Each of these coins has met the Foundation’s eligibility criteria, demonstrating their dedication to the Avalanche ecosystem and equitable Web3 practices.

Tech, also referred to as ‘Number Go Up Tech,’ is a memecoin characterized as having “no intrinsic value,” specifically designed to unite the Avalanche community around technology. Its CoinmarketCap listing underscores its aim to foster a community that celebrates technological advancement through engaging memes and discussions.

Coq Inu (COQ) is a memecoin operating on the Avalanche C-Chain, with a total and maximum supply of 69 trillion COQ tokens, primarily influenced by community support and social media buzz.

Gecko, with a market cap of approximately $10.98 million, boasts a circulating supply of about 64 billion tokens and holds the rank of #1436 in the market. Its recent 24-hour trading volume stands at around $220,556.

Kimbo (KIMBO), known as the community dog token of the Avalanche blockchain, is priced at around $0.000557 USD, with a 24-hour trading volume of $9,269,696 USD. It has a circulating supply of 69.42 billion KIMBO tokens and a market cap of roughly $32.53 million, operating on its own subnet to nurture its ecosystem.

NoChill, also recognized as AVAX HAS NO CHILL, is a memecoin on the Avalanche blockchain, originating from the StarsArena community and centered around the theme of “AVAX having NO CHILL.” It is traded on platforms like Trader Joe and CoinEx.

The Avalanche Foundation emphasizes that its support for community coins is an ongoing effort, with eligibility criteria subject to adjustments to accommodate the swiftly evolving crypto community. Additionally, the Foundation is assessing ERC-404 tokens following their successful introduction as a novel token class pioneered by the Avalanche community.

As the Foundation continues to champion culturally significant Web3 projects and celebrate Avalanche's culture, it retains the prerogative to make any changes deemed necessary to further its mission and bolster the Avalanche ecosystem.