Market maker DWF Labs plans to acquire Floki (FLOKI) tokens worth $12 million. This was reported by CoinDesk, citing a developer of the meme token known as B.
The investment is expected to provide additional liquidity for the project, which is preparing to launch a trading bot and a .floki domain name service. Later this year, Floki intends to introduce the Valhalla metaverse on its main network.
The meme coin developers first announced a partnership with DWF Labs in May 2023, when the market maker acquired tokens worth $5 million.
Earlier this year, DWF Labs committed to investing $10 million over two years in Floki’s subsidiary project, TokenFi, for the development of a suite of AI products.
According to B, the collaboration with the market maker facilitated the coin’s listing on key exchanges and the establishment of partnerships with industry participants.
According to CoinGecko, following the news, Floki’s price briefly rose by 8% before returning to previous levels. At the time of writing, the meme token is priced at $0.000266.
The meme project Milady Meme Coin (LADYS) also announced a $5 million investment from DWF Labs. In the last hour, the token’s price increased by 0.8% to $0.0000002322, according to CoinGecko.
Back in April, DWF Labs was suspected of offloading tokens from its portfolio projects worth at least $65 million.
In May, reports emerged that Binance allegedly overlooked market manipulation by DWF Labs, as detected by the exchange’s monitoring team.