Floki Inu (FLOKI), the dog-themed meme coin, has recently achieved a big milestone by reaching an all-time high (ATH) amidst Binance Coin’s (BNB) upward trajectory.
With a 15% surge up to now 24 hours, FLOKI reached a record price of $0.0003491, solidifying its position as the most important 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 considerable investment of $12 million in FLOKI tokens to support the Floki ecosystem.
The acquisition involved acquiring a portion of the tokens from the market and the rest from the Floki treasury. Notably, DWF Labs purchased $10 million price of FLOKI tokens in March, which also triggered a big 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 price of FLOKI tokens. Since then, DWF Labs has been crucial in boosting FLOKI adoption.
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As well as, 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 12 months.
Furthermore, the team is about 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, leading to increased buying pressure and an increase 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 stays “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
In keeping with CoinGecko data, FLOKI’s market capitalization is currently at a considerable $3 billion, nearly doubling in comparison with its market cap in May, which was $1.7 billion.
Moreover, FLOKI’s each day trading volume has surged by 164% up to now 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 roughly 8% inside a matter of hours. It’s currently trading at $0.0003164. The subsequent nearest support level for the token is $0.0002985.
The each day chart shows FLOKI’s price trending upwards. Source: FLOKIUSD on TradingView.com
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While there’s a transparent 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 can be crucial in maintaining gains and facilitating the resumption of the uptrend once the buying trend resumes.
Meanwhile, BNB is trading barely below its ATH, experiencing a 1.5% decline within the last hour and currently valued at $699.
Featured image from DALL-E, chart from TradingView.com