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DWF Labs to Purchase $12M FLOKI From Project Treasury, Open Market

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Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.

DWF Labs will buy $12 million worth of Floki tokens to support the meme coin's growing ecosystem, one Floki developer said.

The purchase follows February's commitment to buy $10 million worth of FLOKI tokens, which contributed to a 50% price increase at the time.tokens from the open market and the Floki treasury to support the dog meme coin-turned-utility project’s growing ecosystem, Floki developer “B” told CoinDesk on Tuesday.of FLOKI tokens in February, which contributed to a 50% jump in FLOKI prices the following week.

Floki will release the mainnet version of its flagship utility product, the Valhalla metaverse game, later this year, the developer said. In the coming weeks, Floki will also release several key 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 the requisite liquidity.

Floki first announced a partnership with DWF Labs in May 2023, when the trading firm purchased $5 million worth of FLOKI tokens.FLOKI prices have risen 8% in the past 24 hours, beating the 0.4% advance of the CoinDesk 20 Index , a a measure of the wider crypto market.in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence.

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