DWF Labs launches $20 million memecoin fund.

DWF Labs, a Dubai-based Web3 investor, has launched a $20 million fund to support memecoin projects.

The fund, launched by #DWFLabs , aims to encourage creative and community-focused crypto projects and increase cross-blockchain compatibility and inclusivity. The fund is also accepting applications from promising memecoin projects seeking investment and mentorship. Projects can submit their proposals via DWF Labs’ website.

DWF Labs has worked with memecoin projects such as Floki, Turbo, Simon’s Cat, and Neiro Ethereum in the past. The company recently added new memecoin-based projects to its portfolio by collaborating with Russian internet phenomenon Hasbulla and NikolAI.

The collaboration resulted in the creation of a new token inspired by Hasbulla’s cat Barsik. The token reached $0.33 within three days of its announcement on November 14, but has since fallen slightly.

Analytics platform Onchain Lens reported that an investor spent $142 to purchase 11.63 million BARSIK on Pump.fun, and the tokens are now worth $2.5 million.

“Memecoins are a cultural force”

“Memecoins are a powerful cultural force in the crypto space, often uniting communities around shared humor and creativity,” DWF Labs Managing Partner Andrei Grachev told BeInCrypto. “Our Memecoin Fund is a way to support this vibrant sector and empower developers and communities to turn their ideas into impactful projects.”

The memecoin market gained momentum after Donald Trump was re-elected as president. After Election Day, the cryptocurrency market experienced a bull run. The total market value of memecoins was $56 billion the night before the election. That value is now over $118 billion.