Floki Inu, a popular meme coin with ambitions to become a major player in the crypto industry, has secured another investment from market maker DWF Labs. This latest purchase of $12 million in Floki tokens follows a previous $11 million acquisition in February 2024, signifying DWF’s continued confidence in the project.
According to Floki’s statement, the $12 million will be divided with a portion obtained directly from the market, similar to a crypto token buyback, which can help increase the price of Floki tokens. The remaining amount will be acquired from Floki’s treasury.
This investment aims to solidify Floki’s position within the cryptocurrency space, particularly as the project prepares to launch a series of key products.
The upcoming product lineup includes the mainnet version of Valhalla, Floki’s flagship metaverse game. Additionally, Floki plans to introduce a Trading Bot, a decentralized naming and website service (utilizing the “.Floki” domain extension), and more.
Floki is also set to release several key utility products, including the Floki Trading Bot, the .Floki Decentralized Domain Name and Website Service, and more in the coming weeks and months. This is as Floki aims to be the world’s most known and most used cryptocurrency.
Floki’s ultimate goal, according to the project’s team, is to become the most widely used and popular cryptocurrency globally.
This isn’t DWF Labs’ first venture into the Floki ecosystem. In May 2023, DWF Labs first partnered with Floki resulting in a $5 million purchase of Floki tokens. This February’s $10 million acquisition further solidified their commitment to Floki’s strategic positioning for dominance in the crypto market.
To improve scarcity and strengthen Floki’s security, the project’s developers proposed burning 2% of the circulating supply, translating to roughly 190 billion tokens with a value exceeding $11 million. This burning process effectively removes tokens from circulation, potentially driving up the value of the remaining tokens.
Floki started as a memecoin and has since been working to build an ecosystem with unique offerings differentiating it from other memecoins in the market. Despite the news of the $12 million token purchase, there has been no positive movement in the token’s price, rather the token is down by 5% over the past 24 hours.
