As the momentum around the popular meme coin Floki continues to build up, DWF Labs invests $12 million in the meme coin.
The dog-themed meme coin Floki (FLOKI), whose utility is expanding, has received an additional substantial investment from the cryptocurrency trading firm DWF Labs. This occurred after the cryptocurrency trading firm declared its intention to acquire FLOKI tokens valued at $12 million.
As per the announcement on Tuesday, DWF Labs intends to distribute the purchase amount between the open market and the treasury of the Floki project.
DWF Labs Maintains Assistance for the Transformation of Meme Coin
DWF Labs followed this action in February when it acquired FLOKI for $10 million, resulting in a price increase of at least 50%.
Except for these investments, DWF Labs has maintained its strong belief in Floki’s evolution from a meme coin to a practical initiative. Aligned with this assurance, the trading firm has assisted the coin in listing on prominent exchanges and continues facilitating strategic alliances designed to enhance the Floki ecosystem’s reputation.
“B,” a Floki developer, asserts that additional innovations are forthcoming as Floki plans to release several essential utility products. Later this year, Floki will launch the mainnet version of its signature utility product, the Valhalla metaverse game.
The $12 million investment from DWF Labs is anticipated to expedite Floki’s progress toward these objectives. In addition to stimulating the expansion of these enterprises, the substantial investment is also positioned to furnish the essential funds for subsequent advancements.
Price of FLOKI Reacts
The investment news from DWF Labs has already affected the price of FLOKI. The token has increased by more than 39% in the past month, easily outperforming the broader cryptocurrency market.
Its 24-hour trading volume has also increased by more than 10%. This supports the notion that Floki has enormous potential in the rapidly evolving cryptocurrency market.
However, as of the time of writing, FLOKI is trading for $0.0002663 on a 24-hour volume of $647,033,925. This indicates a price decrease of -5.48 percent in the previous twenty-four hours and -11.03 percent in the last week. Having 9.5 trillion FLOKI in circulation, the token has a market capitalization of $2.5 billion.
The market liquidity of FLOKI is noteworthy, as evidenced by its volume-to-market capitalization ratio of 25.58%.
