TL;DR
- DFW Labs commits an additional $10 million to a well-known meme coin, potentially triggering a rally for the token.
- The investment coincides with a wider crypto market upswing, with many assets witnessing substantial price increases.
The Web3 investment firm DFW Labs will buy $10 million worth of FLOKI tokens to double down on their commitment to the Floki Inu ecosystem. The company first disclosed its partnership with the meme coin in May last year when it purchased $5 million in the cryptocurrency.
DWF LABS TO PURCHASE $10,000,000 IN FLOKI TOKENS TO SUPPORT THE FLOKI ECOSYSTEM
DWF Labs will purchase $10,000,000 in $FLOKI tokens as part of their commitment towards supporting the #Floki Ecosystem.
FULL ANNOUNCEMENT: https://t.co/ZNTsiyqZzp pic.twitter.com/gBdx6w6ygO
— FLOKI (@RealFlokiInu) February 27, 2024
The funds for the latest effort will come from the specially designated Floki Treasury, while the investment will span the next two years. DFW Labs’ initiative aims to solidify the meme coin’s position and help it become a leader in its field.
FLOKI’s price skyrocketed by 35% mere minutes after the revelation, reaching a 10-month high. Additionally, its market capitalization neared the $500 million mark for the first time since Q1, 2023.
The asset’s upswing coincides with a broader resurgence of the entire cryptocurrency sector, with Bitcoin (BTC) soaring to $57,000 and Ethereum (ETH) exceeding $3,200.
FLOKI is not the only meme coin to have experienced a significant price rally in the past 24 hours. Pepe Coin (PEPE), Bonk Inu (BONK), and dogwifhat (WIF) are up by double digits, while the market capitalization of the niche has surpassed $26 billion.
The leading ones – Dogecoin (DOGE) and Shiba Inu (SHIB) – are also well in the green, albeit in a more modest fashion, charting gains of 12% and 9% (respectively).
Those willing to learn more about the different types of meme coins, their purposes, specifics, and risks, feel free to take a look at our dedicated video below:
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