Image credit: DWF Labs/X

Disclaimer: This story was originally published on June 4, 2024.

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Digital asset market maker and Web3 investment firm DWF Labs will reportedly purchase $12 million worth of Floki (FLOKI) tokens ahead of the meme coin project’s planned product releases in the coming months.

The purchase of Floki tokens will be from the open market and the project’s treasury, Floki developer “B” told CoinDesk on June 4.

The latest development comes almost four months after DWF Labs initially announced its plans to purchase $10 million worth of Floki tokens for the same purposes. At the time, CoinDesk reported that the announcement contributed to a 50% increase in Floki’s price a week later.

The Floki developer told the publication that DWF Labs has facilitated key exchange listings and collaborations with industry participants, which has helped boost sentiment around the Floki ecosystem.

This is not the first time the two parties entered into a partnership. In May 2023, DWF Labs announced purchasing $5 million in Floki. The crypto trading firm also committed to investing $10 million in Floki’s sister project, TokenFi, earlier this year to develop several artificial intelligence (AI) products.

That funding will reportedly be invested over a two-year period.

Floki’s 2024 plans

Floki is set to introduce newer products in the coming months, including the Valhalla metaverse game on its mainnet, the report said.

Meanwhile, in the coming weeks, the project will release several key utility products, including the Floki trading bot and the .floki domain name service. These ventures will reportedly be supported by DWF’s purchases of the Floki token, which will also provide the requisite liquidity.