With the launch of the Culture Catalyst Program, the currently popular memecoins are now also launching on Avalanche. The program aims to identify coins that reflect the commitment, community spirit and culture of the Avalanche community and support them with capital and investment. To benefit from this program, projects must complete a number of Requirements as set by the Avalanche Foundation.
The largest Avalanche memecoins by market capitalization
Although memecoins on Avalanche have seen activity and growth, they are still missing the big hit like Doge, Shiba Inu or Pepe. The total market capitalization of Avalanche memecoins is currently around $400 million, which is small compared to projects on Ethereum or Solana.
Coq-Inu
With its chicken theme, Coq Inu brings a breath of fresh air to the memecoin business on Avalanche, which is dominated by a variety of dog-based memecoins. The project benefited greatly from the Culture Catalyst Program and has now reached a market cap of $142 million. It was the first memecoin built on the AVAX blockchain, and its history assures the coin’s potential.
Kimbo
Launched in December 2023, Kimbo is one of the leading dog-themed memecoins on Avalanche. While its market cap is only around $10 million today, it peaked at nearly $50 million in March. The project is characterized by a strong and vocal community that generates a lot of hype on social media.
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Osaka Protocol
The protocol was originally launched on the Ethereum chain but quickly spread to other chains. The market capitalization has increased from about $30 million in January to an impressive $225 million. The founders of the project seem to have been inspired by Shiba Inu, as 30 percent of the token supply was airdropped to former $SHIB holders. Tokenomics The project closely follows the concept of Shiba Inu.
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Trading volumes
The current trading volumes of memecoins on Avalanche are somewhat subdued, like crypto volumes in general. Coq Inu acts an average of 3.5 percent of the market capitalization within 24 hours. For comparison: The popular Pepe Coin on Ethereum records an average of 25 percent of the market capitalization in trading every day. In relation to market capitalization, Kimbo is the most interesting with a trading volume of $500,000. The Osaka Protocol currently records practically no trading volume, only $177,000 in the last 24 hours, even though $OSAK is listed on Uniswap, the largest DeFi platform.
Supply concentration
The concentration of supply is far from ideal, especially for Kimbo. The top 100 wallets of Kimbo holders own over 60 percent of the total token supply. The project has few token holders with less than $10,000 in tokens, suggesting that the token has not really caught on with retail investors. Retail investors are essential, especially for memecoins, to help the project stay at the center of discussion and be well represented online. The lack of retail investors raises the question of whether the social media presence may only come from a few representatives and possibly even bots.
Coq Inu is already better positioned, with 71,000 Token owners. Although the 100 largest wallets here own more than 60 percent of the token supply, smaller investors are much better represented. About a third of token holders own less than $5,000 in Coq Inu tokens, with many of them holding only a few hundred dollars.
Since the Osaka Protocol operates on multiple chains, token holders are also more spread out. However, the supply still seems to be concentrated. On Ethereum, the 100 largest wallets own more than 90 percent of the token supply. However, this is mainly due to the project’s tokenomics and the fact that half of the tokens are still in the Shiba Inu deployer address.
Conclusion
Trading memecoins in general carries some risks. As an investor, you have to be aware that memecoins are not nearly as common on Avalanche as they are on the Ethereum chain. Many of these coins have a very low market capitalization, are only traded on dubious platforms, or are even clearly fraudulent projects. Therefore, it is more important than ever to conduct thorough research and do your homework before investing in a project.
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