DWF Labs has continued to show great confidence in Floki’s transformation from a meme coin to a project with real-world applications.
By Mayowa Adebajo
Edited by Julia Sakovich
Updated
2 mins read
Floki (FLOKI), the dog-themed meme coin with growing utility, is receiving another significant investment from crypto trading firm DWF Labs. This follows after the crypto trading firm announced its plans to buy $12 million worth of FLOKI tokens.
According to the Tuesday announcement, DWF Labs will split the purchase between buying from the open market and the Floki project treasury.
The move by DWF Labs follows a previous one in February where it purchased $10 million worth of FLOKI, causing its prices to gain at least 50% during the time.
Other than these investments, DWF Labs has continued to show great confidence in Floki’s transformation from a meme coin to a project with real-world applications. In line with this confidence, the trading firm has helped the coin to list on major exchanges while also continuing to facilitate strategic partnerships geared towards boosting the sentiment around the Floki ecosystem.
According to a Floki developer “B”, there are more innovations in the store as Floki is also set to release several key utility products in the coming months. As a fact, Floki will release the mainnet version of its flagship utility product, the Valhalla metaverse game, later this year.
The $12 million investment from DWF Labs is expected to help Floki achieve these plans as swiftly as possible. Other than fueling the growth of these ventures, the sizable amount of investment is also poised to provide the needed liquidity for future developments.
The news of DWF Labs’ investment has already impacted the FLOKI price. The token has surged over 39% in the last month, significantly outperforming the broader crypto market.
Its trading volume in the last 24 hours is also up over 10%. This further shows the growing interest in Floki and its huge potential in the fast-evolving crypto space.
As of publication, though, the price of FLOKI stands at $0.0002663 with a 24-hour trading volume of $647,033,925. This represents a -5.48% price decline in the last 24 hours and a -11.03% decline over the past week. With a circulating supply of 9.5 trillion FLOKI, the token is valued at a market cap of $2.5 billion.
Notably, FLOKI remains relatively liquid in the market with a volume-to-market cap ratio of 25.58%.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Mayowa is a crypto enthusiast/writer whose conversational character is quite evident in his style of writing. He strongly believes in the potential of digital assets and takes every opportunity to reiterate this. He's a reader, a researcher, an astute speaker, and also a budding entrepreneur. Away from crypto however, Mayowa's fancied distractions include soccer or discussing world politics.
