Floki Inu (FLOKI) recently reached a major milestone as it hit a new all-time high (ATH) amidst Binance Coin’s (BNB) upward trajectory.
In the past 24 hours, FLOKI has risen by 15% to a record high of $0.0003491, solidifying its position as the largest meme coin on the BNB chain.
Floki Inu gets major boost with $12 million investment from DFW Labs
Web3 investor and cryptocurrency market maker DFW Labs announced a $12 million investment in FLOKI tokens to support the Floki ecosystem. This investment has significantly boosted the price of Floki.
The purchase was partly acquired through the market and partly from the Floki vault. DWF Labs also purchased $10 million worth of FLOKI tokens in March, causing the price to rise by more than 30% to a 9-month high.
The partnership between Floki and DWF Labs began in May 2023 when DWF Labs purchased $5 million worth of FLOKI tokens. Since then, DWF Labs has played a major role in driving the adoption of FLOKI.
Floki plans to release the mainnet version of its flagship utility product, the Valhalla metaverse game, later this year. In addition, the team will launch several key utility products, including the Floki trading bot and the Floki decentralized domain and website service. These upcoming product releases have attracted a lot of attention from investors, resulting in increased buying pressure and a rising number of token holders.
The number of FLOKI holders on the BNB chain recently surpassed 417,400, demonstrating its status as the “dominant meme coin on the BNB chain,” with a market cap far greater than all other BNB chain meme coins combined.
According to CoinGecko, FLOKI’s market cap has now reached $3 billion, nearly doubling from its $1.7 billion market cap in May. In the past 24 hours, FLOKI’s daily trading volume surged 164% to $1.2 billion, demonstrating the high level of investor interest and general bullish sentiment.
Despite these positive developments, the price of Floki Inu has experienced a correction of about 8% in a few hours and is currently trading at $0.0003164. The next support level for the coin is $0.0002985.
Although the path for future growth is clear, Floki Inu still faces challenges in terms of investor profit-taking and selling, which may affect the short-term uptrend of the token. In this case, consolidation at current levels is crucial to sustain gains and promote the resumption of the uptrend after the buying trend resumes.
Meanwhile, BNB is trading just below its all-time high, having lost 1.5% in the past hour and is currently valued at $699.
