crypto-news-flash.com
- Floki Inu is getting a major boost from DWF Labs, which has committed to a $10 million FLOKI purchase.
- This purchase will boost the altcoin positions and potentially bolster its rally ahead of the great bull run.
Shiba Inu rival Floki Inu (FLOKI) is set to enjoy a major boost that could strengthen its position in the memecoin space. DWF Labs has confirmed its commitment to purchase FLOKI tokens worth about $10 million. This sees the company double down on its May 2023 investment.
The investment from DWF Labs, the global digital asset market maker and multi-stage Web3 investment firm, demonstrates its confidence in the Floki Inu project. The team confirms that the investment that will be taken from the Floki Treasury will span two years and boost its dominance in both utility and marketing.
Pleased to announce our commitment to the Floki ecosystem!
Looking forward to position FLOKI strategically for dominance in this increasingly competitive landscape 🔥 https://t.co/TXCMaenkr1
— DWF Labs (@DWFLabs) February 27, 2024
This is the second major investment after the company purchased $5 million worth of FLOKI tokens in May 2023. The company has been involved in boosting the adoption of FLOKI, getting involved in strategic efforts such as introductions to key industry projects, and facilitating key exchange listings.
The new investment demonstrates the company’s commitment and indicates a belief that the project is headed in the right direction. “This massive FLOKI token purchase will further deepen our relationship with DWF Labs while strategically positioning FLOKI for dominance in an increasingly competitive landscape during this bull run.” the Floki Inu team noted in a blog post.
FLOKI Leads Memecoin Bullish Charge
Following the investment news, FLOKI has jumped, gaining about 40% in the last 24 hours. This sees the 147th-ranked cryptocurrency trade at $0.00005375. The recent performance by far outperforms its rivals, mainly Dogecoin (DOGE) and Shiba Inu (SHIB), which have gained 11% and 12%, respectively.
Although the recent surge has seen the altcoin gain major ground, it remains nearly 80% below its all-time high of $0.0003365. Setting it apart from its competition, the project aims to be the world’s leading crypto through utility, charity, and community building. It boasts over 460,000 holders and strong brand recognition.
In its efforts to dominate, the project has recently rebranded from Floki Inu to Floki as it focuses on building for the decentralized finance (DeFi) sector.
However, the project has come under regulatory scrutiny in Hong Kong. In particular, Hong Kong regulators flagged Floki’s high-yield staking programs for lacking authorization. Floki responded by blocking access for Hong Kong users, demonstrating their commitment to compliance. The team went on to clarify that its approach to rewarding was based on innovation as opposed to traditional VC funding or large presales, rewarding users who stake FLOKI with TOKEN, the utility token of TokenFi.