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Avalanche announced that it has invested in the altcoin called COQ and other tokens.
Avalanche Foundation announced in its statement that they own altcoins named Coq Inu, Gecko, Kimbo, NoChill and Tech.
“In late 2023, the Avalanche Foundation announced its intention to purchase community coins native to the Avalanche blockchain network.
This ongoing effort falls within the Foundation's broader Culture Catalyst program, which aims to incentivize Web3 creators, inspire innovation at Avalanche, and help drive greater adoption of blockchain.
Today the Avalanche Foundation announced its first five community coins. Additionally, the Foundation announces its intention to inform the public about these assets by providing transparency through regular disclosures.
As of today, the cryptocurrencies owned by the Foundation are as follows:
Coq Inu; Gecko; Kimbo; NoChill; tech
Other community funds could also potentially participate in the program. For example, the Avalanche Foundation is currently evaluating ERC-404 tokens following their promising debut as a new token class that the Avalanche community helped pioneer.
The Avalanche Foundation is also not required to purchase all community coins that meet the criteria. “
Following the news, COQ started to rise.
Community coins have become a cornerstone of Web3, representing the spirit, uniqueness, and interests of diverse crypto communities.
Today, the Avalanche Foundation announces its first five community coin holdings:$COQ, $KIMBO, $TECH, $GEC and $NOCHILL https://t.co/3kcz1EGhqn
— AvalancheFDN (@AvalancheFDN) March 14, 2024
*This is not investment advice.