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Home > News > Altcoin
Published: 15/03/2024
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Author: Kane
Avalanche Foundation Announces Holdings of 5 Memecoins
After announcing their investment in memecoins, the Avalanche Foundation recently disclosed a list of 5 memecoins they are holding in their investment portfolio.
Azcnews Breaking
The Avalanche Foundation, the developer of the Avalanche blockchain, has revealed that they own 5 memecoins. These include Coq Inu (COQ), Gecko Inu (GEC), Kimbo (KIMBO), AVAX HAS NO CHILL (NOCHILL), and Tech (TECH).
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
The investment in memecoins was drawn from the 100 million USD Culture Catalyst fund announced by Avalanche in March 2022 to promote web3 in the ecosystem.
However, these memecoins have not shown significant reactions following Avalanche’s announcement. In the past 24 hours, their fluctuations have been as follows: COQ (-16%), TECH (-27%), KIMBO (+7%), NOCHILL (+2%), and GEC (+64%).
The Avalanche Foundation announced its memecoin investment plan last year after recognizing the importance of this segment. The condition for gaining the fund’s attention is that the coins must have high community value.
The investment appetite shared by the fund is:
Each community coin held by the fund must adhere to the conditions set by the fund. They often bring value to Avalanche and the web3 space in general.
In addition to memecoins, the Avalanche Foundation is also considering adding other ERC-404 tokens to expand its investment portfolio and may adjust its criteria in the future.
Memecoins have been one of the main segments contributing to the recent prominent market development. Some of the hottest names include Pepe, Dogecoin, Floki, Wif, and Bonk.
Furthermore, the Avalanche Foundation is also considering adding other ERC-404 tokens to its investment portfolio and may adjust its criteria in the future.
Related: Avalanche Announces Development of Vryx Solution
Chart of AVAX after the announcement by the Avalanche Foundation
Chart Avalanche
AVAX/USDT chart on Tradingview at 7:10 AM on March 15, 2024
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Home > News
Published: 15/03/2024
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Author: Leexim
Senators Pressure SEC Against Approving Additional ETFs
Two Democratic senators contend that additional approvals could potentially subject investors to risks such as "fraud and manipulation."
Azcnews (1)
Table of Contents
Two US congressmen proposed giving Gary Gensler control of all cryptocurrency ETFs, citing huge risks to retail investors. In a letter sent on March 11, Jack Reed and Laphonza Butler, both Democrats, spoke out against allowing the Securities and Exchange Commission (SEC) to approve more ETFs. Cryptocurrency will push investors into “sparse” markets full of fraud and manipulation.
There are 8 spot Ether ETFs awaiting approval
There are currently eight spot Ether ETF proposals awaiting SEC approval, and it is expected that other altcoins will follow suit. “Their letter said retail investors would face significant risks from ETPs linked to thinly traded cryptocurrencies or from cryptocurrencies whose prices are susceptible to pump operations” and dumping or other fraudulent activities,” said the letter.
Reed and Butler also urged the SEC not to approve recent Bitcoin (BTC) spot ETFs to avoid setting a precedent for further approval decisions. They assert that although the Bitcoin market has revealed “serious weaknesses”, it is still more thoroughly built and tested than the market of any other minor cryptocurrency. “Whether or not Bitcoin is susceptible to fraud and manipulation, other cryptocurrency markets are at much higher risk of improper behavior,” they said.
The senators also called on the SEC to take “a number of specific measures” with respect to already-launched Bitcoin ETF products, requiring BTC ETF brokers and advisors to comply with the regulation and submit to regulatory oversight more stringent. Alexander Grieve, head of government relations at crypto venture capital firm Paradigm, said that the success of Bitcoin spot ETFs has “clearly created unrest” on Capitol Hill.
Related: JMP Securities Forecasts Bitcoin Could Reach $280,000 USD
Spot Ether ETF approvals are becoming more difficult
Experts in the cryptocurrency sector say the letter is a testament to the growing political pressure on Gensler – which makes the approval of an Ether ETF in May seem less likely. “Bitcoin ETF’s Wild Success Is Making Senior Democratic Officials Uncomfortable Investor’s Remorse. This Is Part of the Reason Why We Are Not Optimistic About Approval of Eth etf,” Balchunas said in a March 15 post.
On March 11, Balchunas announced that the likelihood of spot Ether ETF approval in May was only at 35%. In January, he estimated the approval rate at 70%, and he said “radio silence” from the SEC toward potential fund issuers was a negative sign.
Both Butler and Reed have been involved in drafting several bills aimed at regulating cryptocurrencies in the United States. On December 11 last year, Butler joined Senator Elizabeth Warren’s controversial digital assets anti-money laundering bill as one of its co-sponsors. In July, Reed sponsored a bipartisan bill to tighten Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations and impose sanctions on financial activity Decentralization (DeFi).
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