By
Anisha Pandey
May 31st, 2024
Manta Network, a modular blockchain focused on zero-knowledge (ZK) applications, has launched its new Moon Mission Meme Grants initiative to support meme culture and encourage software developers to continue building.
This initiative is backed by a $10 million investment from the network’s $50 million EcoFund grant established by the Manta Foundation.
On June 13, the Foundation announced the release of the $50 million EcoFund to accelerate project development on the blockchain. Part of this fund has now been allocated to the Moon Mission Meme Grants, dedicated to supporting meme-related projects
Embracing Meme Culture
The Manta Network believes that memes are the “lifeblood of the Web3 ecosystem” and is inviting developers to apply for the grant to receive funding to build their “meme projects, memecoins, and everything in between – it’s all for the culture.”
However, it is important to note that only those building on Manta Pacific will benefit from the $10 million Moon Mission Meme Grants. In addition to the financial support, developers will receive other resources to bring their projects to life.
Manta said it is looking for projects that not only focus on fun and games but also have the potential to drive innovation in the meme sector. According to the protocol, memes can support good causes and drive real change in the financial economy.
Growing Interest in Meme Projects
Manta is not the only blockchain protocol showing support for the meme coin market. In March, members of the Arbitrum decentralized autonomous organization (DAO) proposed launching a meme coin fund targeted at supporting industry growth. The community aims to roll out a $3.3 million fund to support and help meme projects grow and to cultivate a memecoin-friendly culture in Arbitrum.
According to the proposal, the fund will only support projects with at least $200,000 in liquidity and a market value of around $1 million. The projects must also have coins that have existed for at least 30 days without major influence from whales.
Celebrity Involvement in the Meme Market
Apart from these protocols, the meme market has also seen celebrities entering the sector and creating their own tokens.
Australian rapper Iggy Azalea recently launched her meme project called Mother (MOTHER) on the Solana ecosystem. So far, the project has been successful, crossing over $300 million in market capitalization and making investors who aped in on the token rich.
Recently, Azalea announced that the meme token would be used alongside Solana (SOL price data) to purchase mobile phones.
Another celebrity, Andrew Tate is also involved in the meme sector. The millionaire media personality announced shortly after the launch of MOTHER that he would support another meme called Daddy Tate (DADDY). The meme has also been successful and recently crossed the $300 million market cap.