Avalanche Foundation Snaps Up KIMBO, COQ, and Three Other Tokens as First Meme Coin Investment

The Foundation first said in December it would invest in meme coin as part of a digital culture drive.

AccessTimeIconMar 15, 2024 at 8:01 a.m. UTC
Updated Mar 15, 2024 at 9:05 a.m. UTC
  • Meme tokens 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).

Avalanche Foundation, a non-profit that maintains the Avalanche blockchain, on Thursday said it had deployed capital into five Avalanche-based tokens based on certain criteria and that it intended to continue such investments in the future.

The 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).

These tokens were issued in the past few months and saw daily cumulative trading volumes of millions of dollars. The mem coins jumped as much as 60% after Avalanche’s disclosure, beating a general market-wide drop.

DEXTools data further shows a bump in trading volumes on Avalanche tokens alongside a rise in the issuance of new meme tokens, likely in hopes of a new cult becoming the next Foundation pick.

Following the disclosure, volumes on the Avalanche exchange Trader Joe grew to $65 million on Thursday from $53 million on Wednesday, although these volumes include all tokens.

Avalanche referred to these meme tokens as community coins. “Community coins have become vital Web3 touchstones today. They represent the fun, spirit, uniqueness, and interests of diverse crypto communities,” it stated.

COQ was among Avalanche’s runaway meme hits in December amid a meme coin frenzy. A single trader acquired just over $450 worth of COQ shortly after its issuance and managed to turn it into over $2.5 million in a few weeks, with thousands of hopeful memes deployed on the network later on to emulate COQ’s apparent success.

Meme coins are often considered a scammy part of the market among blockchain purists, but the success of this niche—led by investments from prominent blockchain teams—could be starting to change the stigma associated with investing in such tokens.

Edited by Parikshit Mishra.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Shaurya Malwa

Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.

Read more about