DWF Labs buys $12 million in FLOKI as memecoin project prepares to introduce new products
DWF Labs, a cryptocurrency exchange, has committed to purchasing an additional $12 million worth of FLOKI tokens from the open market and Floki treasury. This move is intended to support the growing ecosystem of the Floki memecoin project.
In February, DWF Labs committed to purchasing $10 million of FLOKI, causing the token price to increase by 50% in the following week. This partnership has helped Floki list on many important exchanges, driving positive sentiment around the Floki ecosystem.
New products and development potential
Floki is expected to launch many new utility products, including:
- Valhalla metaverse game: Expected to launch mainnet version at the end of the year.
- Floki trading bot and .floki domain service: Will be released in the coming weeks.
DWF Labs' purchase will support new product launch plans, providing much-needed liquidity to the Floki ecosystem.
DWF Labs first partnered with Floki in May 2023 with the purchase of $5 million worth of FLOKI tokens. In addition, DWF Labs also committed to invest $10 million in Floki's sister project, TokenFi, to develop a suite of artificial intelligence (AI) products.
FLOKI performance and price
- Current price: FLOKI is trading at $0.00026, up more than 15% overnight.
- Growth factor: The 15 billion token burn and listing on multiple exchanges boosted FLOKI's price.
- Monthly high: FLOKI reached $0.00031, up 40.74% month over month.
FLOKI's strong performance increased the total value locked, becoming the first memecoin to reach a record of over 820 million USD in 2024.
