The meme coin Floki (FLOKI) has seen massive gains of over 32% in the last 24 hours period reaching a new all time high in price and its market cap according to data from Coinmarketcap. Currently as of writing, FLOKI is trading at $0.0003401 and with a market cap of over $3.3 billion. Interestingly its trading volume has also gained over 72% in the last 24 hours to record a new reading of $1.37 billion.

This surge has mainly been driven by the fact that investments will be made by DWF Labs.  They announced that they will be purchasing $12 million of FLOKI from the project treasury and the open market to help the coin in growing its ecosystem.

Earlier as the year started DWF Labs also committed to a $10M investment after a prior $5M purchase aiming to enhance Floki ecosystem through strategic partnerships and exchange listings. These investments have boosted Floki market valuation in the past with a similar purchase in February pushing the price by a gain of over 200% in March.

Floki is not just resting on its price gains because the team is also actively expanding its utility products. The upcoming launch of the Valhalla metaverse game on mainnet along with the Floki trading bot and the .floki domain name service innovations are just about to provide substantial utility to the Floki network potentially attracting more users and investors.

Looking at the technical analysis for the meme coin, its price momentum has been bullish as seen on Coinmarketcap by its 74% gain in the last 30 days and over 120% increase out of our 139% target since breaking out from bullish patterns that included a symmetrical triangle and a bullish flag as analyzed in our previous report. These bullish price patterns have continued to confirm the continuation of the uptrend because Floki has been breaking key resistances to the upside and retesting them to further continue the rally.

Looking at the technical indicators the MACD indicator has been strongly bullish. The MACD line has consistently been above the signal line confirming futher the bullish market sentiment. The price is also positioned well above the 50, 100 and 200-day moving averages which act as support levels and indicate a strong uptrend.

On-chain data from Santiment also show that the total number of Floki holders has consistently been growing. There has been growth from around 390K in March 5th to 417K recorded today, 5th June exactly 2 months indicating increasing trust in the coin valuation.

Also there has been a notable rise in the number of unique addresses that are purchasing more than 100K USD of NFTs most particularly from 30th May to 2nd June.