- Summary:
- DWF Labs made early-stage investments in hundreds of crypto companies and token projects, and its portfolio is now worth billions of dollars.
DWF Labs has shared it’s for awarding a $500,000 grant to BARSIK, the Solana memecoin that’s been on a remarkable rally since launching just days ago. Based on the recently deceased cat of Hasbulla – the Russian social media star – the token is surfing the “tragic pet” narrative that transformed $PNUT into a multi-billion dollar asset following the death of Peanut the Squirrel.
In a tweet confirming the donation, DWF Labs wrote: “We are proud to support $BARSIK, a meme that combines blockchain technology with a meaningful cause. This grant reflects our belief in driving innovation that impacts lives beyond the digital realm.” Had BARSIK simply been a dumb memecoin, DWF Labs might have bought a bag anyway, but its decision to provide a grant instead is a decision that’s gotten the cryptosphere talking and done BARSIK’s prospects no harm at all.
Doing It for the Cats
BARSIK might have made it to a $235M market cap even if it was just a straight-up memecoin, but the fact that the project is actively supporting cat welfare has earned it additional plaudits. Not only is its narrative on brand, but so’s its message. Perfect timing, perfect token in other words. As for the owner of the recently departed cat in question, Hasbulla stands just over one meter tall despite being 22 years old on account of his dwarfism. If you’ve spent any time in crypto communities, you’ll certainly have seen the GIFs and Telegram stickers of the iconic figure that are constantly shared.
In a tweet acknowledging the grant, BARSIK wrote: “This $500K grant is a transformative moment for $BARSIK. It will allow us to broaden our impact, help more shelters, build a stronger community, and cover fees for assigned listings. Thank you, DWF Labs — you have always been different.” BARSIK has already secured a number of listings and integrations, including in Crypto.com’s DeFi Wallet, and there are almost certainly more on the way.
DWF Keeps Writing Checks
While all crypto companies appear to be doing well during the current bull market, DWF’s fortunes are looking particularly positive. Thanks to early stage investments in hundreds of crypto companies and token projects, its portfolio is now valued in the billions of dollars, enabling it to indulge in the odd bit of largesse, particularly when there’s the prospect of helping cats and earning the crypto community’s goodwill.
The $500K donation should go a long way towards working some magic, both for BARSIK and for the cats the memecoin aims to support. DWF has a track record of initiating and contributing to grant programs, albeit usually focused on more serious business such as nurturing the next wave of blockchain developers. These include the $20 million USD Cloudbreak Fund to support promising projects and founders in Chinese-speaking regions with substantial investments and strategic resources and a $500K AirDAO Grant to support new ideas from independent contributors. Like many web3 VCs, it’s not shy about investing in memecoins either, recognizing the upside to a crypto vertical that keeps on grinding higher.