Markets
DWF Labs to Buy $12 Million in Floki Tokens from Project Treasury, Open Market
Crypto trading firm DWF Labs will buy $12 million worth of floki (FLOKI) Floki open market and treasury tokens to support the growing ecosystem of the dog meme-turned-utility coin project, Floki developer “B” told CoinDesk on Tuesday.
This follows a previous commitment to buy $10 million worth of FLOKI tokens in February, which contributed to a 50% jump in FLOKI prices the following week. The trading company facilitated key exchange listings and partnerships with industry players, which helped drive sentiment around the Floki ecosystem, B said.
Floki will launch the mainnet version of its flagship utility product, the metaverse game Valhalla, later this year, the developer said. In the coming weeks, Floki will also launch several important utility products, including the Floki trading bot and the .floki domain name service. DWF’s purchases will support the growth of these ventures and provide much-needed liquidity.
Floki first announced a partnership with DWF Labs in May 2023, when the trading company purchased $5 million worth of FLOKI tokens.
Earlier this year, DWF Labs committed to investing US$10 million on Floki’s sister project, TokenFi, over a two-year period to develop a suite of artificial intelligence (AI) products.
FLOKI prices are up 8% in the last 24 hours, outperforming the 0.4% advance of the CoinDesk 20 Index (CD20), a measure of the broader crypto market.