GraFun unveiled its GraFun Labs section as part of a multi-party effort to strengthen and expand the meme ecology on the BNB Chain. The memecoin Launchpad announced the initiative with the goal of fostering and growing the meme ecosystem on the BNB Chain.
Floki and trading company DWF Labs are partners of the lab. Small meme currencies will benefit from the project in terms of community building, branding, marketing, engagement, and influencer marketing.
Memecoins See Better Assistance With GraFun Labs Initiative
The new initiative by GraFun Labs was launched with the goal of assisting new memecoin projects with unique storylines. The program’s main objectives are to strengthen marketing tactics, influencer partnerships, community growth, and brand establishment.
Memecoins are important participants in the cryptocurrency market, impacting several on-chain activities and fostering the crypto culture, according to a GraFun spokesman. The goal of establishing GraFun Labs is to enable up-and-coming memecoin projects to reach their full potential.
Developers of GraFun claim that their “Fair Curve” mechanism for releasing new memecoins eliminates rug-pull hazards, lowers price manipulation, and results in fewer people losing money. GraFun launched in September on BNB Chain. In its first day of trading on PancakeSwap, it recorded a trading volume of over $250 million.
Why Are Memecoins Gaining Market Traction?
Memecoin have emerged as a great alternative for those crypto investors who want to stay away from the mainstream coins. At present it seems like the cryptocurrency industry is currently more interested in memecoins than in DeFi projects.
Meme coins have become increasingly famous mostly because of their amusing association with a certain online meme. Ironically, DOGE—the first-ever meme coin—took popularity after it was developed in 2013 as a satire of the cryptocurrency boom.
The first meme coin, Dogecoin, was developed in 2013, but memes have been around for a while. In 2021, celebrities like Elon Musk and Mark Cuban promoted Dogecoin, which then became popular and caused a lot of hype.
After that, a number of traders switched to other meme coins available on the market, like Shiba Inu, which is sometimes called the “Dogecoin killer.” Another meme coin rise was sparked by retail investors who, fearing to miss out on an opportunity, began purchasing meme coins in the hopes of becoming billionaires overnight.
Memes usually only cost a few cents or even a fraction of a cent, which is another reason why they appeal to retail investors, especially younger ones. As a result, it requires little investment, and everyone can take part in the hopes that it can rally hundreds of percentages and generate a sizable profit.