Anyone wanting on the charts could have seen FLOW because of the unimaginable rally that its worth has been on. The digital asset has gone from being within the shadows to be on the radar of crypto traders after rising greater than 100% in a single. However, lesser recognized is the explanation behind this rally. In this text, we check out FLOW and what has triggered such a rise in worth over the previous day.
Meta News Is The Catalyst
On Thursday, information broke that Meta (previously often called Facebook) was shifting ahead with its NFT plans. It was implementing an NFT function for its sister platform Instagram throughout 100 international locations. The platform had been going deep into the metaverse and NFT area, and the announcement didn’t shock the market. However, the long-time coming information got here with a brand new participant that had beforehand not been named within the plan.
Naturally, as NFTs want a blockchain to run on, Meta needed to announce the blockchain that it will be utilizing. It went towards everybody’s predictions that the social media big would use one of many main NFT networks to implement this function. However, it introduced that the FLOW Blockchain can be its official associate to host the NFTs on its blockchain.
FLOW trading at $2.7 | Source: FLOWUSD on TradingView.com
The information of the announcement shortly circulated, and FLOW blockchain gained extra recognition consequently. By the time the day was over, its’ worth had already risen greater than 100% to be trading above $2.50 as traders flocked to capitalize on this newfound fame.
FLOW Continues To Rise
It has been a day because the Meta information broke, however FLOW has not declined in any method. The digital asset has risen shortly because it garners extra assist from the crypto group. At the time the information broke on Thursday, FLOW had been trading at round $1.85. At the time of this writing, it’s trading as excessive as $2.74. This registers as a brand new two-month excessive for the digital asset.
FLOW blockchain was constructed by Dapper Labs and launched in September 2019. It has a powerful group of supporters, as Dapper Labs had been behind the creation of CryptoKitties again in 2017. When it launched the NBA Top Shot, FLOW blockchain had garnered extra consideration.
Despite this, although, the blockchain has not been capable of attain some extent the place it was competing with market leaders reminiscent of Ethereum and Solana. However, Instagram’s reputation could but make it a prime contender.
FLOW’s rally has pushed it upwards out there. It is at the moment the twenty ninth largest cryptocurrency with a market cap of $2.8 billion. This places it forward of cryptocurrencies reminiscent of ApeCoin, Algorand, and Bitcoin Cash.
Featured picture from The Coin Republic, chart from TradingView.com
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