While the leading cryptocurrency Bitcoin is dancing around $42 thousand, morale is high in the market. In this environment where this positive atmosphere prevails, corporate companies do not hesitate to invest. Meme coin Floki Inu announced that DWF Labs is purchasing tokens to support the ecosystem. With the impact of this news, the altcoin price skyrocketed.
DWF Labs bought FLOKI for support, altcoin price jumped!
As you follow from Kriptokoin.com, the dominance of bulls continues in the crypto market. The increase in the interest of corporate companies in the market also plays an important role in this. DWF Labs, which attracted attention with its purchases in the market, had a meme coin as its target this time. Although not as popular as Dogecoin, Floki Inu (FLOKI) is also increasing in popularity. The acquisition of DWF Labs is proof of this. Floki Inu announced the latest development from his official X account as follows:
DWF Labs purchased another $1,250,000 in tokens to support the FLOKI ecosystem. Industry-leading digital asset market maker and multi-stage Web3 investment firm DWF Labs has purchased an additional $1,250,000 in FLOKI tokens from the Floki Treasury, adding to its commitment to supporting the Floki Ecosystem as it enters what many predict will be the most explosive bull run the cryptocurrency has ever experienced. He expressed his strong determination.
DWF LABS PURCHASES AN ADDITIONAL $1,250,000 IN TOKENS TO SUPPORT THE FLOKI ECOSYSTEM
Industry-leading digital asset market maker and multi-stage Web3 investment firm DWF Labs purchased an additional $1,250,000 in $FLOKI tokens from the #Floki Treasury and has expressed a strong… pic.twitter.com/Z7z2AaaBKl
— FLOKI (@RealFlokiInu) December 5, 2023
Following this development, FLOKI price made a vertical jump. While the altcoin was hovering around $0.00003775 during the day, it suddenly jumped to $0.00004628. Although FLOKI then loses some altitude, it continues to fly high. At press time, the token was trading at $0.00004337, up approximately 21% on a daily basis.
FLOKI daily price chart. Source: CoinMarketCapFLOKI investors are in long positions
The altcoin price has risen steadily over the past week. Moreover, it recorded a 33% increase in seven days. The rally helped the asset reach a local top as more investors jumped in. FLOKI increased by 21% in the last 24 hours and was traded at $0.00004337. The market value of the asset rose to $401 million with a daily trading volume of $186 million. Thus, FLOKI is the 109th largest cryptocurrency.
FLOKI price, social volume, open interest and total funding rate. Source: SantimentMoreover, data from DYOR.net shows that FLOKI is the top USDT trading pair on the largest crypto exchange Binance. The altcoin has a daily trading volume of approximately $38 million on Binance.
#Binance scan results on 1h
Top 5 on BTC pair$STX $MAV $CFX $AUCTION $SUPER
Top 5 on USDT pair$FLOKI $OXT $ASTR $HBAR $FORTH
Full scan results:https://t.co/7toPeZMbD4 pic.twitter.com/qKgcSVzEIB
— DYOR.net Crypto Screener (@DyorNetCrypto) December 5, 2023
Meanwhile, the altcoin project’s recent bullish momentum has helped it reach a seven-month high, a price point last seen in early May. According to market intelligence platform Santiment data, FLOKI’s social activity has doubled in the past day. Furthermore, Santiment data shows a 20% increase in FLOKI’s total open interest (OI) as more investors seek to benefit from the meme-coin’s bullish momentum. According to Santiment, the increase in FLOKI’s OI is due to long position holders dominating the asset. According to Santiment, the total funding rate raised by FLOKI tripled in the past day, from 0.02% to 0.06%.
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