DWF Labs, a Dubai-based investor and market maker of Web3, has launched a $20 million fund to support meme coin projects.
The goal of the fund is to support creative, community-driven crypto projects that promote inclusivity and interoperability.
DWF Labs Impact on the Meme Coin Market
The DWF Labs Foundation provides financial resources and strategic support to meme coins that demonstrate active community participation, unique value and global potential. Taking a blockchain-agnostic approach, it aims to empower creators regardless of their blockchain.
The meme fund is open to applications from promising meme coin projects seeking investment and guidance. Interested parties can submit proposals through the DWF Labs website.
“Meme coins are a powerful cultural force in the crypto landscape, often bringing communities together around shared humor and creativity. The Meme Fund is our way to support this dynamically developing sector and enable developers and communities to turn their ideas into effective projects,” Andrey Grachev, managing partner of DWF Labs, told BeInCrypto.
DWF Labs has already worked with several successful meme coins such as Floki, Turbo, Simon’s Cat and Neiro Ethereum. DWF Labs recently partnered with Turkish internet personalities Hasbulla and NikolAI, further expanding its portfolio of meme-based projects.
Their team collaborated with Hasbullah to create a new dog tag inspired by his cat Barsik. The blockchain project simultaneously supports the welfare of cats by incorporating it into an ongoing charitable initiative. Although the company announced the release of the token on November 14, just three days later its value peaked at $0.33 before falling back slightly.
Not surprisingly, the price of BARSIK, named after the late cat Hasbullah, immediately increased. Such surges are common when new tokens are released, but whether BARSIK can maintain momentum in the long term is another story. At the time of writing, it is trading at $0.22 with a market capitalization of $226 million.
Onchain Lens later reported that one trader spent $142 to buy 11.63 million BARSIK on Pump. fun. Their tokens are now worth $2.5 million.
More broadly, the meme coin market is experiencing a recent mania following the re-election of Donald Trump as president. An indirect result of Election Day is that the entire cryptocurrency market is experiencing an aggressive bull run.
Specifically, on election night, memes had a total market capitalization of $56 billion. At the time of writing, it exceeded $118 billion.
