FLOKI Price Surges to 9-Month High Following DWF Labs’ $10 Million Token Purchase
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DWF Labs, known for its role in digital asset market making and Web3 investments, is increasing its support for FLOKI with a bold move—a $10 million token purchase. This comes after their initial $5 million investment in May 2023, highlighting their confidence in FLOKI’s ability to shake up the crypto world. Following this announcement, FLOKI surged to a 9-month high of $0.00005097.
From Memes to DeFi: FLOKI’s Evolution Says It All
The official statement states that DWF Labs would directly purchase the tokens to strengthen the FLOKI ecosystem over the next two years for the expected crypto bull run. The project remains resilient despite recent regulatory scrutiny from the Hong Kong Securities and Futures Commission (SFC) regarding FLOKI’s high-yield staking programs.
FLOKI, previously Floki Inu, has rebranded to shift towards decentralized finance (DeFi), mirroring a trend seen in meme coins like Shiba Inu shifting towards utility over memes. Despite this, such changes have faced criticism from figures like Coffeezilla, who warn investors about the potential risks when meme coins expand their roles in the crypto market.
Having said that, how can we ignore the regulatory challenges? However, FLOKI remains committed to compliance. Various steps have been taken to restrict participation from Hong Kong users in its staking programs, responding to concerns from the SFC regulators. Moreover, FLOKI’s innovative strategy involves rewarding its community by staking FLOKI tokens for TOKEN utility tokens on TokenFi. This simple approach will reduce token inflation while offering attractive APY rates driven by TokenFi’s market performance.
Hence, many experts believe the DFW Labs partnership will be crucial in getting Floki listed on major exchanges, connecting it with influential projects, and promoting its success. In their announcement, DFW Labs emphasized the significance of this partnership.
FLOKI’s Rise on the World Stage
In the parallel news, the memecoin frenzy is now global. Since it has landed a spot on China’s top sports TV channels, reaching over 340 million viewers. This exposure cements FLOKI’s presence in the Chinese market. Their FlokiFi Locker has hit a record TVL of $111 million, showing widespread adoption.
Staked FLOKI tokens now total $105 million, marking a significant portion of the token’s supply. With a surge of over 32% in the last 24 hours, FLOKI’s market cap is nearing $500 million, and trading volume has soared to $204 million.
Filed under: Bitcoin - @ February 28, 2024 6:16 am