"Memes Lab Raises $2.3M for SocialFi Memecoin Platform"

Memes Lab, a platform bridging SocialFi and memecoins, has successfully raised $2.3 million in seed funding, led by Lemniscap. The round also included participation from TVM Ventures, Animoca Brands, OKX Ventures, Mirana Ventures, Gate Ventures, MEXC Ventures, Kucoin Ventures, Oak Grove Ventures, NewTribe Capital, GSR, Cypher Capital, Castrum Capital, Amber Group, and Presto.

The funding will be used to accelerate the development and rollout of Memes Lab's unified platform for creating, trading, and distributing memecoins, as well as preparations for its upcoming Token Generation Event (TGE). Memes Lab is built on TON, the exclusive blockchain for Telegram's mini-app platform, and offers user-friendly tools that enable non-technical creators to launch memecoins with minimal effort. The platform's low barriers to entry, combined with fast transaction speeds and low fees, encourage mass adoption and experimentation in the memecoin space.

The memecoin market continues to grow, driven by strong narratives and fervent communities, many of which thrive in the Telegram ecosystem. Memes Lab employs viral mechanics to activate the vast social networks of Telegram users, enabling them to launch memecoins and airdrop them to friends and family. The platform also automatically creates Telegram group chats when users launch memecoins, ensuring holders are seamlessly added to the relevant community group chat.

Memes Lab is enabling nearly 1 billion Telegram users to buy memecoins with Telegram Stars, tokens native to the Telegram ecosystem that can be earned through in-app activities like engaging in chats and participating in polls. Users can also receive stars as rewards for content creation, community contributions, or their gaming achievements.

Memes Lab is uniquely positioned to showcase the power of memecoins as a strong instrument for blockchains and ecosystems to attract attention and boost metrics across the board. When the HIPPO memecoin was created on SUI, there was a huge spike in overall volume with large numbers of traders flocking to SUI. Similarly, when BRETT was created on Base, the network also experienced a surge in on-chain activity.

The Memes Lab tap-to-earn Telegram-based app, which has attracted over 17 million players to date, provides a full suite of tools for users to interact with mem