Floki Inu (FLOKI), known for its dog-themed meme coin, has recently hit an all-time high (ATH) amidst the upward trend of Binance Coin (BNB).
With a remarkable 15% surge over the past 24 hours, FLOKI soared to a record price of $0.0003491, cementing its position as the top meme coin on the BNB Chain.
A significant boost for Floki Inu came as DFW Labs, a Web3 investor and crypto market maker, announced an impressive $12 million investment in FLOKI tokens to bolster the Floki ecosystem. This investment, involving acquiring tokens from the market and the Floki treasury, follows on the heels of a previous $10 million purchase by DFW Labs in March, propelling FLOKI to its highest in nine months.
The partnership between Floki and DWF Labs, initiated in May 2023 with a $5 million purchase of FLOKI tokens, has been instrumental in driving FLOKI adoption. Furthermore, the upcoming launch of the Valhalla metaverse game, along with key utility products like the Floki Trading Bot and Floki Decentralized Domain Name and Website Service, have sparked great investor interest, leading to a rise in token holders.
Currently boasting over 417,400 holders on the BNB chain, FLOKI remains the dominant meme coin on the BNB chain, with a market capitalization surpassing all other BNB chain memecoins combined.
Although FLOKI’s market capitalization has nearly doubled to $3 billion compared to May, with a 164% surge in daily trading volume hitting $1.2 billion, a recent price correction of around 8% has impacted its short-term uptrend, with the token now trading at $0.0003164.
As the crypto market navigates investor decision-making and profit-taking tactics, FLOKI Inu might experience a temporary consolidation at current levels to sustain gains and prepare for a potential uptrend when buying pressure returns.
Meanwhile, BNB is currently trading slightly below its ATH at $699, showing a 1.5% decline in the past hour.
It is essential for investors and stakeholders to monitor market trends and developments closely to capitalize on opportunities within the dynamic crypto landscape.
