DWF Labs is set to purchase $12 million worth of Floki tokens to support the expanding ecosystem of the meme coin, according to a Floki developer. This acquisition follows a previous commitment in February to buy $10 million worth of FLOKI tokens, which resulted in a 50% price surge.
The crypto trading firm DWF Labs will acquire $12 million worth of floki (FLOKI) tokens from both the open market and the Floki treasury, Floki developer “B” told. This purchase is intended to bolster the dog meme coin-turned-utility project’s growing ecosystem. The February commitment to purchase $10 million worth of FLOKI tokens had similarly boosted FLOKI prices by 50% the following week. DWF Labs has also facilitated key exchange listings and partnerships, enhancing the sentiment around the Floki ecosystem, B added.
Floki plans to launch the mainnet version of its flagship product, the Valhalla metaverse game, later this year. In the coming weeks, several key utility products will also be released, including the Floki trading bot and the .floki domain name service. DWF Labs’ purchases will support these ventures and provide the necessary liquidity.
Floki’s partnership with DWF Labs began in May 2023 when the trading firm bought $5 million worth of FLOKI tokens. Earlier this year, DWF Labs committed to investing $10 million in Floki’s sister project, TokenFi, over a two-year period to develop a suite of artificial intelligence (AI) products. FLOKI prices have increased by 8% in the past 24 hours.
