DWF Labs, a Dubai-based Web3 investor and market maker, has launched a $20 million fund to support meme coin projects.
The fund aims to support creative, community-driven cryptocurrency projects, promoting inclusivity and interoperability.
The Impact of DWF Labs on the Meme Coin Market
The DWF Labs fund provides financial resources and strategic support for meme coins with strong community engagement, unique value, and global potential. With a chain-agnostic approach, the fund aims to empower creators regardless of their blockchain. The Meme Fund is open for applications from promising meme coin projects seeking investment and guidance. Interested parties can submit their proposals through the DWF Labs website.
"Meme coins are a powerful cultural force in the cryptocurrency landscape, often engaging communities around shared humor and creativity. The Meme Fund is how we support this vibrant space and help developers and communities turn their ideas into impactful projects,"
Andrei Grachev, Managing Partner at DWF Labs, told BeInCrypto
DWF Labs has worked with several successful meme coins, such as Floki, Turbo, Simon's Cat, and Neiro Ethereum. Recently, DWF Labs has collaborated with the famous Turkish internet personality, Hasbulla, and NikolAI, expanding their meme-based project portfolio. Their team has worked with Hasbulla to create a new token inspired by his cat, Barsik. This blockchain project also supports cat welfare, incorporating it into an ongoing charitable initiative. Although the token was launched on November 14th, its value peaked at $0.33 just three days later before slightly retracing.
BARSIK Price Performance. Source: CoinGecko.It is unsurprising that BARSIK, named after Hasbulla's late cat, experienced an immediate price surge. Such price spikes are common with new token launches, but whether BARSIK can sustain this momentum in the long run is another story. At the time of writing, it is trading at $0.22 with a market capitalization of $226 million.
Subsequently, Onchain Lens reported that a retail investor spent $142 to purchase 11.63 million BARSIK on Pump.fun. Their token is now worth $2.5 million.
Overall, the meme coin market has experienced a recent surge following Donald Trump's re-election to the presidency. The indirect result of the election day, the entire cryptocurrency market enjoyed a strong price rally.
Meme Coin Market Capitalization Performance. Source: CoinMarketCap.The meme coin segment had a total market capitalization of $56 billion on the eve of the election. At the time of writing, this figure has surpassed $118 billion.
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