DWF Labs, a pioneering Web3 investor and market maker based in Dubai, has recently announced the launch of a $20 million fund designed to support meme coin projects. The fund is specifically targeted at backing creative, community-driven cryptocurrency projects that promote inclusivity and interoperability, thus broadening the reach of blockchain technology.
The fund launched by DWF Labs serves to provide both financial resources and strategic support to meme coins that demonstrate robust community engagement, unique value propositions, and potential for global impact. The fund’s chain-agnostic approach is particularly noteworthy, as it aims to empower creators regardless of the blockchain they operate on.
Applications for the fund are open and welcoming of promising meme coin projects in search of investment and guidance. Proposals can be submitted through the DWF Labs official website.
“Meme coins are a powerful cultural force within the crypto landscape, often uniting communities around shared humour and creativity. The Meme Fund is our way of supporting this vibrant sector and enabling developers and communities to turn their ideas into impactful projects,” said Andrei Grachev, the Managing Partner at DWF Labs, in a statement to BeInCrypto.
DWF Labs has a track record of working with several successful meme coins, including Floki, Turbo, Simon’s Cat, and Neiro Ethereum. The company recently expanded its portfolio of meme-based projects through partnerships with Turkish internet personality Hasbulla and NikolAI.
In collaboration with Hasbulla, the team at DWF Labs created a new token inspired by his cat, Barsik. This blockchain project also supports cat welfare, integrating it into an ongoing charity initiative. The token was announced on November 14 and peaked in value at $0.33 just three days later, before experiencing a slight dip.
The new token, named BARSIK in honor of Hasbulla’s late cat, saw an immediate price surge – a common occurrence with new token releases. However, whether BARSIK can maintain this momentum in the long term remains to be seen. At the time of writing, the token trades at $0.22 with a market cap of $226 million.
In the broader context, the meme coin market has been enjoying a surge in popularity following the re-election of Donald Trump as president. This event indirectly sparked an aggressive bull run in the entire cryptocurrency market. On the eve of the election, meme coins had a total market cap of $56 billion. At the time of writing, this figure has more than doubled to $118 billion, indicating the growing influence and potential of these digital assets.
