Koma Inu, a meme coin based on BNB Chain saw its price skyrocket after securing backing from DWF Labs’ Meme Fund.
Koma Inu (KOMA) is up 200% in the past 24 hours and is trading at $0.171 at the time of writing. The meme coin reached an all-time high of $0.192 with a $192.2 billion market cap earlier today.
KOMA’s daily trading volume has surged by 2,400% over the past day, reaching over $154 million, signaling massive demand from investors. The recent rally has extended the altcoin’s fortnight gains to over 220% and its monthly gains to nearly 2,600%, setting its position as one of the best-performing meme coins.
Why is KOMA soaring today?
KOMA rallied after DWF Labs, a leading crypto venture capital firm, selected Koma Inu as the inaugural recipient of its $20 million Meme Fund.
As a recipient of the fund, designed to support blockchain-agnostic meme coin projects, Koma Inu will benefit from DWF Labs’ support in expanding its market presence, along with access to financial resources and strategic guidance.
Further, the meme coin has recently secured a listing on several high-profile centralized exchanges including Binance, Bybit and Bitget expanding its exposure to investors and fueling its recent gains.
KuCoin, another top-tier centralized exchange, has included KOMA in its latest GemVote event, where community support could potentially secure a listing on the platform. These CEXs have a combined daily trading volume of over $46 billion, according to data from CoinGecko.
Altcoins often experience significant price spikes following exchange listings. As reported earlier by crypto.news, Movement’s native token, MOVE, surged by 50% on Dec. 10, reaching a new all-time high due to similar premier exchange listings.
Bolstering the meme coin ecosystem
DWF Labs has a strong history of partnering with meme coins and has backed projects that support the development of the meme coin ecosystem. In September, it partnered with meme coin launchpad GraFun to enhance the project’s liquidity.
Last year, the firm invested roughly $6 million in the Ethereum-based meme coin Floki across two different investments and has also helped support the project’s development.