Dubai-based Web3 investor #DWFLabs has launched a $20 million fund to support memecoin projects.

The fund, launched by DWF Labs, aims to encourage creative and segment-focused crypto projects and increase cross-blockchain compatibility and inclusivity. Applications are also being accepted from future memecoin projects seeking funding, investment and mentorship. Projects can submit their proposals via DWF Labs’ website.

DWF Labs’ memecoin highlights

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 projects to its portfolio by collaborating with Russian internet phenomenon #Hasbulla and NikolAI.

The collaboration resulted in a new token inspired by Hasbulla’s cat Barsik. The token reached 0.33 within three days of its announcement on November 14, but then fell slightly.

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

“Memecoins are a cultural force”

“Memecoins are a powerful cultural force in the crypto world, 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 provide a way for developers and groups to contribute to impactful projects.”

Memecoin’s lingering Trump effect

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

On the other hand, memecoins that were launched in honor of Trump's election as the 47th US president disappointed their investors. Maga (TRUMP), MAGA Hat (MAGA) and Doland Tremp (TREMP) memecoins that replaced PolitiFi quickly lost value despite Trump's victory.

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