The Avalanche Foundation recently in January revealed they will be buying community tokens which also can be called meme tokens and although they have specific guidelines that tokens must meet, there is no telling how much this news will influence meme culture in the Avalanche community and ecosystem.
This is why in this article, we shall be exploring the top memecoins on Avalanche by market capitalization. But before we get into the business of this piece, what are meme coins?
Memecoins are a type of cryptocurrency inspired by internet memes. They often gain value through online communities and humor, rather than traditional factors like utility or technology. Examples include Dogecoin and Shiba Inu coins. Keep in mind that their value can be highly volatile and speculative.
Avalanche is a blockchain platform designed for high throughput and customizability. It employs a consensus protocol called Avalanche, allowing for rapid transaction finality and scalability. It supports creating decentralized applications (DApps) and custom blockchain networks.
Although Memecoin culture dates back to 2013 with Dogecoin, the period from Q3 of 2023 through the new year witnessed a notable surge in the launch of several new projects.
Avalanche, in addition to blockchains like Ethereum and Solana, has played a significant role in this trend. Here are the top three on the Avalanche blockchain:
COQ INU
Coq Inu (COQ) is a meme cryptocurrency operating on the Avalanche C-Chain. Launched on December 7, 2023, Coq Inu quickly gained attention within the crypto community, recording a notable surge of over 115% in a single day, catapulting its popularity on the Avalanche blockchain.
Coq Inu has a total supply of 69.42 trillion COQ tokens. The entire coin supply was contributed with 150 Avalanche (AVAX) in initial liquidity. As part of the design of the project, the team announced that they were not taking any distribution for themselves as they are community-focused.
Additionally, the team also noted that to ensure transparency and prevent manipulation, the Coq Inu contract has been fully renounced, and its liquidity has burned.
Due to its performance with an ATH market capitalization of over $276 million, it has secured listed on Kucoin, Trader Joe and Bybit.
Husky Avax
Husky Avax is another community-driven meme token native to the Avalanche blockchain, that is designed to be a prominent player in the NFT marketplace.
Launched in 2021, it has evolved by integrating innovative features like NFTs and DeFi solutions. It has gained traction through token launches, merchandise, and collaborations.
In 2022, it finalized its whitepaper and introduced the staking of Bruskies. The trans notes that it has plans, including expanding through an e-shop and continuing growth in DeFi.
The project has the xHusky staking program which allows token holders to exchange their tokens for xHusky, providing benefits like eShop discounts. The program is designed to increase the value of xHusky over time, supported by profits from NFT and eShop sales.
There is also a DAO attached to the project known as the Husky DAO. The key responsibility here is to empower token holders with voting rights, allowing active participation in decision-making regarding profits, new projects, and initiatives.
It has the closest market capitalization to COQ INU at over $23.4 million and is listed on Bitrue, Trader Joe (Avalanche), Uniswap v3 (Avalanche), and Pangolin.
Shibx
ShibaVax (SHIBX) is a meme token on the Avalanche network, inspired by the Shiba Inu. It serves as a showcase for Avalanche’s capabilities and introduces a unique DeFi product.
ShibaVax stands out with a rewarding system, granting holders 10% of every transaction automatically.
This innovative feature enables passive incentive accumulation without the necessity of depositing tokens on a DeFi platform.
Additionally, as the first meme token on the Avalanche network, Shibx introduces a unique DeFi product with a 10% transaction distribution to holders, which provides rewards and a deflationary aspect through a 2% burn.
With nearly 5000 holders and high daily volumes, the project has gained significant attention with its ATH market capitalization of more than $1.2 million. It is currently listed on
Pangolin and Trader Joe.
Kimbo
Launched in December to champion meme culture on Avalanche, Kimbo memecoin has achieved a Market Cap of $7.86 million, liquidity of $7.78 million, and garnered over 11,000 Kimbo Holders.
Following Avalanche’s announcement of purchasing meme tokens on its network, Kimbo experienced a remarkable 60% price surge and a substantial 109% increase in 24-hour trading volume.
Moreover, the team intends to introduce a subnet named KIMBONET, where KIMBO will serve as governance tokens for gas fees. A testnet for this initiative is expected to be released soon.
Bingo
At number 5 on the Avalanche blockchain is Bingo. Bingo envisions itself as the premier meme coin to dominate the Avalanche ecosystem in the near future.
Bingo has achieved milestones such as being the most active trading pair on Trader Joe – BINGO/WAVAX, boasting a trading volume of $59,898.
According to data, Bingo reached an all-time high of around $0.07, accompanied by a market capitalization exceeding one million dollars.
Presently, it has amassed a holder count exceeding one thousand. Bingo is currently available for purchase on Pharaoh Exchange and Trader Joe.
