Floki is currently priced at $0.0002646 with a market cap of $2.5 billion while SUI is worth $1.03 with a valuation of $2.4 billion.
By Godfrey Benjamin
Edited by Julia Sakovich
Updated
3 mins read
A new deal bagged by Floki has suddenly given the dog-themed memecoin FLOKI an edge over Sui Network (SUI). Renowned crypto trading firm DWF recently announced plans to purchase 45 billion FLOKI tokens worth $12 million.
According to Floki developer “B”, the purchase would be made from the open market and the Floki treasury, all in a bid to support the project’s growing ecosystem.
It is worth noting that the trading firm committed to buying $10 million worth of FLOKI tokens in February. The announcement about the potential acquisition triggered a 50% price jump for the memecoin at the time. This is not the first time Floki has enjoyed such a relationship with DWF Labs. Notably, their collaboration dates back to May 2023, when DWF Labs purchased $5 million worth of FLOKI tokens.
In December of the same year, the crypto market-maker acquired an additional $1.25 million worth of FLOKI tokens to support the advancement of the ecosystem. Following the acquisition, FLOKI showed an upward momentum, rising by 318% in the past year and sparking a significant level of interest from market whales.
The trading firm consistently supports key exchange listings and partnerships, some of which have directly impacted the Floki ecosystem. Most of these contributions aided the adoption of the Floki network. Similarly, DWF Labs made a commitment to acquire $10 million worth of Floki’s sister project, TokenFi. The two-year-long deal will see the invested funds directed to the development of a suite of Artificial Intelligence (AI) products.
“Our relationship with DWF Labs has been tremendous and mutually beneficial, which is why we chose them as our exclusive market maker (MM) for our new project, TokenFi. TokenFi (with the ticker “TOKEN”) is Floki’s sister project that aims to disrupt the projected $16 trillion tokenization and RWA industry,” Floki highlighted.
With the new announcement about the $12 million FLOKI token purchase, the market capitalization of the dog-themed meme coin has surpassed that of the Sui Network by a few hundred million.
Floki is currently priced at $0.0002646 with a market cap of $2.5 billion while SUI is worth $1.03 with a valuation of $2.4 billion. This positions Floki as the 45th largest crypto by market cap, two rankings ahead of Sui.
The Floki ecosystem is confident that the $12 million purchase will significantly contribute to its upcoming ventures and provide necessary liquidity. As it stands, Floki is at the verge of releasing newer products including the Valhalla metaverse game on its mainnet. The launch of the flagship utility product is expected later this year.
Floki trading bot and the .floki domain name service are two of the other utility products that the protocol is currently looking to introduce in the coming months.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
