Market maker DWF Labs has announced its plan to invest $12 million in FLOKI tokens, purchasing them from both the open market and the Floki treasury.
This purchase aims to support the growing ecosystem of the FLOKI project.
Floki is on track to release several new products soon, including the Floki trading bot and the .floki domain name and website service. Furthermore, their flagship utility product, the Valhalla metaverse game, will see its mainnet version released this year.
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The collaboration between Floki and DWF Labs began in May 2023, with DWF investing $5 million in FLOKI tokens. Their latest purchase follows a similar investment in February when DWF Labs acquired $10 million worth of FLOKI tokens, leading to a 50% price jump within a week.
According to a blog post announcing the new purchase, DWF Labs' contributions have boosted Floki's adoption by enabling exchange listings, establishing partnerships with significant industry figures, and publicly supporting their progress and achievements.
Despite the announced purchase, FLOKI's price has decreased by over 6% over the last 24 hours, trading at $0.0003 at the time of writing.
DWF Labs has also committed $10 million over two years to TokenFi, Floki's sister project, which focuses on the development of artificial intelligence (AI) products.
The company's investments and continuous support showcase a strong belief in the utility projects linked to Floki.
Floki has also recently been made more accessible to businesses in Europe, as it has been listed on Revolut Business.
