The post $12M Floki Token Will Be Bought By DWF Labs, Price Surge By 14% appeared first on Coinpedia Fintech News
The price of the dog-themed meme coin FLOKI has increased 14.40% in the last few days and now settling at $0.00028. Meanwhile, this rise is currently higher than its competitors, which include Shiba Inu (SHIB), PEPE, and Dogwifhat (WIF), which have also had increases of up to 0.53%, 3.10%, and 5.79%, respectively.
This increase follows the news that cryptocurrency trading company DWF Labs will buy $12 million worth of FLOKI tokens from the open market and also from Floki Project Treasury. In addition, Floki is getting ready to launch more newer products in the upcoming months, such as the mainnet Valhalla metaverse game.
DWF Labs to Buy $12M FLOKI
DWF Labs, a leading crypto trading firm, has announced plans to purchase $12 million worth of Floki (FLOKI) tokens from both the open market and the Floki treasury. This move is aimed at supporting the growth of the meme coin-turned-utility project’s expanding ecosystem.
DWF LABS TO PURCHASE $12,000,000 IN FLOKI TOKENS TO SUPPORT THE FLOKI ECOSYSTEMAs a testament to its unwavering support for the #Floki Ecosystem, DWF Labs will purchase $12,000,000 in $FLOKI tokens. A portion of the tokens will be acquired from the market, and the rest will be… pic.twitter.com/z2kHiUgAdc
— FLOKI (@RealFlokiInu) June 4, 2024
The partnership between Floki and DWF Labs began in May 2023 when the trading firm acquired $5 million worth of FLOKI tokens. Since then, the firm has been instrumental in securing key exchange listings and partnerships, boosting sentiment around the Floki ecosystem.
In February, DWF Labs committed to buying $10 million worth of FLOKI tokens in Floki’s sister project, TokenFi, over the next two years to develop a suite of artificial intelligence (AI) products, which led to a 50% price surge in the following week.
Floki To Introduce New Products
Looking at the introduction of a new product launch Floki is set to release the mainnet version of its flagship utility product, the Valhalla metaverse game, later this year, according to the developer.
In the coming weeks, Floki will also launch several key utility products, including the Floki trading bot and the .floki domain name service. However, DWF Labs’ substantial purchases will support the growth of these ventures and provide the necessary liquidity.
Floki Outperforming Other Memecoins
Floki’s success is evident not only in its recent price performance but also in its impressive achievements in Total Value Locked (TVL). This year, Floki became the first meme coin to surpass $820 million in TVL, marking a significant milestone for the project.
FLOKI REACHES ECOSYSTEM TVL OF $820 MILLION — AN ALL TIME HIGH#Floki just hit a total value locked (TVL) all time high of $820 million across two of its key ecosystem products:– Floki Staking: $700.24M+– FlokiFi Locker: $120.13M+This impressive TVL record, which is the… pic.twitter.com/pbclsHZ0ed
— FLOKI (@RealFlokiInu) May 28, 2024
This incredible performance of Floki is a result of many factors which included a massive $15 billion token burn that was done on-chain in the past month. This move has propelled FLOKI to hit a monthly of $0.0003119 on 28th, May 2024, thereby surging it by about 40.74%.
