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Dogecoin (DOGE) Competitor FLOKI Explodes as Investment Firm DWF Labs Announces Support

Dogecoin ( DOGE ) rival Floki ( FLOKI ) is soaring as cryptocurrency investment firm DWF Labs commits to a new bulk buy of memcoin.

DWF Labs tells its 85,800 followers on social media platform X that advances in the Floki ecosystem strengthen the project's position in the digital asset sector.

“I am pleased to announce our continued support for Floki. We're excited to support their team on several exciting launches this year: a mainnet version of Valhalla, a metaverse game, and several key service projects. Congratulations to their team for all their work in driving widespread adoption of cryptocurrency and cementing their role as a leading player in the crypto space.”

According to a new post on the Floki blog, the support from DWF Labs represents a commitment from the investment firm to purchase $12 million worth of Floki tokens.

“As a sign of its continued support of the Floki ecosystem, DWF Labs will purchase $12,000,000 worth of FLOKI tokens. Some of the tokens will be purchased on the market, and the rest will come from Floki’s treasury.”

The draft says the new commitment is in addition to DWF Labs' February commitment to buy $10 million worth of FLOKI tokens.

Floki shares soared more than 30% on the back of the DWF Lab news, reaching a new all-time high of $0.00034. Floki has since pulled back and is trading at $0.00030 at the time of writing.

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