Markets
DWF Labs to purchase $12 million worth of Floki tokens from the project’s treasury and on the open market
Crypto trading firm DWF Labs to buy $12 million worth of floki (FLOKI) free market tokens and Floki’s treasury to support the coin-turned-utility project’s growing ecosystem, Floki developer “B” said Tuesday.
This follows a previous commitment to buy for 10 million dollars of FLOKI tokens in February, which contributed to a 50% surge in FLOKI prices the following week. The trading company facilitated stock listings and key partnerships with industry players, which helped build sentiment around the Floki ecosystem, B said.
Floki will release the mainnet version of its flagship utility product, metaverse game Valhalla, later this year, the developer said. In the coming weeks, Floki will also launch several key utility products, including the Floki trading bot and the .floki domain name service. DWF purchases will support the growth of these businesses and provide necessary 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 $10 million in Floki’s sister project, TokenFi, over a two-year period to develop a suite of artificial intelligence (AI) products.
FLOKI prices rose 8% over the past 24 hours, outpacing the 0.4% advance of the CoinDesk 20 Index (CD20), a measure of the broader crypto market.