Avalanche Foundation reveals five 'community coins' it holds

The Avalanche AVAX +4.65% Foundation, which supports the Avalanche blockchain network, has disclosed the first five memecoins that are part of its "community coins holdings."

These include meme coins such as Coq Inu, Gecko, Kimbo, NoChill, and Tech. Including these coins in its portfolio is part of the Foundation’s broader Culture Catalyst program, which claims to “foster web3 creators.”

Last year, the foundation declared its plan to acquire community coins specific to the Avalanche network. The selection process for these coins follows the Foundation’s guidelines and emphasizes “high community value.”

“Each community coin held by the Foundation conforms to the Foundation’s established eligibility guidelines for community coin projects. These criteria are designed to assess a particular coin’s commitment to Avalanche and fair Web3 practices,” the foundation stated.

These criteria include fairness in launch, resistance to snipe bots, security measures, a high number of holders, low concentration of ownership, adequate liquidity provision, and minimum requirements for lifespan, market cap and trading volume.

The foundation also mentioned it is currently evaluating ERC-404 tokens to expand its list of community coin holdings. It further clarified that it might modify its community coin holdings and adjust the criteria for eligible community coins in the future.