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 back creative, community-driven crypto projects promoting inclusivity and interoperability.
DWF Labs’ Impact on the Meme Coin Market
The DWF Labs fund provides financial resources and strategic support to meme coins that demonstrate strong community engagement, unique value, and global potential. By taking a chain-agnostic approach, it aims to empower creators regardless of their blockchain.
The meme fund is open to applications from promising meme coin projects who are seeking investment and guidance. Interested parties can submit their proposals via the DWF Labs 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,” Andrei Grachev, Managing Partner at DWF Labs, told BeInCrypto
DWF Labs has already worked with several successful meme coins like Floki, Turbo, Simon’s Cat, and Neiro Ethereum. Recently, DWF Labs partnered with Turkish internet personality Hasbulla and NikolAI, further expanding its portfolio of meme-based projects.
Their team collaborated with Hasbulla to create a new token inspired by his cat, Barsik. The blockchain project simultaneously supports cats’ welfare, incorporating it into an ongoing charity initiative. Although it announced the token on November 14, its value peaked at $0.33 just three days later before slightly dipping again.
BARSIK Price Performance. Source: CoinGecko.
Unsurprisingly BARSIK, named in honor of Hasbulla’s late cat, experienced an immediate price surge. These kinds of spikes are common with new token releases, but whether BARSIK can keep up the momentum in the long term is another story. At the time of writing, it is trading at $0.22 with a $226 million market cap.
Afterward, Onchain Lens reported that one trader spent $142 to purchase 11.63 million BARSIK on Pump. fun. Their tokens are now worth $2.5 million.
In the broader view, the meme coin market has been experiencing a recent mania following Donald Trump’s re-election into the presidential office. As an indirect result of election day, the entire cryptocurrency market has been enjoying an aggressive bull run.
Meme Coin Market Cap Performance. Source: CoinMarketCap.
Meme coins, more specifically, had a total market cap of $56 billion the night before the elections. At the time of writing, it has surpassed $118 billion.