Crypto trading firm DWF Labs will buy $12 million worth of floki (FLOKI) 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.
This follows a previous commitment to purchase $10 million worth of FLOKI tokens in February, which contributed to a 50% jump in FLOKI prices the following week. The trading firm has facilitated key exchange listings and partnerships with industry participants, which has helped boost sentiment around the Floki ecosystem, B said.
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.
Earlier this year, DWF Labs committed to investing $10 million in Floki's sister project, TokenFi, over a two-year period to develop a suite of artificial intelligence (AI) products.
FLOKI prices have risen 8% in the past 24 hours, beating the 0.4% advance of the CoinDesk 20 Index (CD20), a a measure of the wider crypto market.