Floki Inu (FLOKI), the dog-themed meme coin, has recently achieved a significant milestone by reaching an all-time high (ATH) amidst Binance Coin’s (BNB) upward trajectory.
With a 15% surge in the past 24 hours, FLOKI reached a record price of $0.0003491, solidifying its position as the largest meme coin on the BNB Chain.
Floki Inu Receives Major Boost As DFW Labs Invests $12M
This surge comes as Web3 investor and crypto market maker DFW Labs announced a substantial investment of $12 million in FLOKI tokens to support the Floki ecosystem.
The purchase involved acquiring a portion of the tokens from the market and the remainder from the Floki treasury. Notably, DWF Labs purchased $10 million worth of FLOKI tokens in March, which also triggered a significant price surge of over 30%, propelling the token to a nine-month high then.
The partnership between Floki and DWF Labs was initially established in May 2023 when DWF Labs purchased $5 million worth of FLOKI tokens. Since then, DWF Labs has been crucial in boosting FLOKI adoption.
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In addition, further developments are on the horizon for Floki, as they plan to release the mainnet version of their flagship utility product, the Valhalla metaverse game, later this year.
Moreover, the team is set to launch several key utility products, including the Floki Trading Bot and the Floki Decentralized Domain Name and Website Service. These upcoming releases have garnered significant attention from investors, resulting in increased buying pressure and a rise in token holders.
The protocol boasts a notable milestone, with FLOKI recently surpassing 417,400 holders on the BNB chain. The protocol’s development team declared that Floki remains “the dominant meme coin on the BNB chain,” boasting a substantially larger market capitalization than all other BNB chain memecoins combined.
Price Correction Temporarily Impacts FLOKI’s Uptrend
According to CoinGecko data, FLOKI’s market capitalization is currently at a substantial $3 billion, nearly doubling compared to its market cap in May, which was $1.7 billion.
Furthermore, FLOKI’s daily trading volume has surged by 164% in the past 24 hours, amounting to $1.2 billion, highlighting the token’s market attention from investors and its prevailing bullish sentiment.
Despite these positive developments, Floki Inu has experienced a price correction of approximately 8% within a matter of hours. It is currently trading at $0.0003164. The next nearest support level for the token is $0.0002985.
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While there is a clear path for further growth, Floki Inu faces the challenge of investor decision-making on profit-taking and selling, which could potentially impact the token’s short-term uptrend.
In such a scenario, a consolidation at current levels would be crucial in maintaining gains and facilitating the resumption of the uptrend once the buying trend resumes.
Meanwhile, BNB is trading slightly below its ATH, experiencing a 1.5% decline in the last hour and currently valued at $699.
Featured image from DALL-E, chart from TradingView.com
