Memecoin Mania Meets Social Media: BONSAI Blooms On Lens Protocol With $1M Raise
Portfolio Pulse from Murtuza Merchant
MadFi, the team behind BONSAI, a memecoin, has raised $1 million in an angel round to support its growth on the Lens Protocol, a decentralized social media platform. BONSAI, launched in March 2024 and initially distributed via airdrop to Lens users, has become the platform's primary currency, facilitating content monetization and user engagement. The coin's valuation has reached nearly $100 million. The funding round saw participation from crypto investment firms and notable figures like Robert Leshner and Sandeep Nailwal. MadFi plans to use the funds to develop 'Open Actions' to enhance creator monetization on Lens.
April 05, 2024 | 6:52 pm
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Sandeep Nailwal, co-founder of Polygon (CRYPTO: MATIC), participated in the $1 million angel round for BONSAI, indicating strong investor confidence in the memecoin's potential to revolutionize social media monetization.
The involvement of Sandeep Nailwal, a prominent figure in the cryptocurrency space, in the funding round for BONSAI could positively influence the perception of MATIC among investors. This association may lead to increased investor confidence in MATIC, potentially driving up its short-term price.
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