Get Ready for the Avalanche: The Foundation Makes Bold Move Investing in KIMBO, COQ, and Three Other Memes

• Meme coins are quickly moving from joke coins to a sector that represents the digital culture of any blockchain – with major foundations now directly investing in the growth of such tokens.
• Avalanche’s first picks are dog-themed kimbo (KIMBO), chicken-themed Coq Inu (COQ), gecko-themed Gecko (GEC), technology joke token TECH, and Avax has no chill (NOCHILL).

The Avalanche Foundation, a non-profit organization responsible for maintaining the Avalanche blockchain, announced on Thursday that it has invested in five Avalanche-based tokens. According to the organization, these investments were made based on specific criteria and they plan to continue investing in these types of tokens in the future.

The five tokens that have received investments from the Avalanche Foundation are dog-themed kimbo (KIMBO), chicken-themed Coq Inu (COQ), gecko-themed Gecko (GEC), technology joke token TECH, and Avax has no chill (NOCHILL). These tokens have all seen significant trading volumes in recent months, with some seeing daily volumes in the millions of dollars. Following the announcement of these investments, the meme tokens experienced a 60% increase in value, outperforming the general market trend.

Data from DEXTools also shows a rise in trading volumes for Avalanche tokens and an increase in the issuance of new meme tokens, as many are hoping to be the next token chosen by the Avalanche Foundation.

Since the disclosure, trading volumes on the Avalanche-based exchange Trader Joe have risen from $53 million on Wednesday to $65 million on Thursday. However, it should be noted that these volumes include all tokens, not just the meme tokens supported by the Avalanche Foundation.

The Avalanche Foundation referred to these meme tokens as “community coins,” stating that they represent the fun, spirit, uniqueness, and interests of various cryptocurrency communities.

One of the previous meme coins supported by Avalanche, Coq Inu (COQ), quickly gained popularity in December of last year. One trader managed to turn a $450 investment in COQ into over $2.5 million within a matter of weeks, sparking a frenzy of hopeful meme coins being launched on the network.

Meme coins have often been viewed as a scammy part of the cryptocurrency market, but with investments from reputable blockchain teams like the Avalanche Foundation, this perception may be starting to change. These investments demonstrate a growing acceptance and demand for meme tokens within the blockchain community.