Anyone trying on the charts could have seen FLOW due to the unbelievable 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 identified 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 generally known as Facebook) was shifting ahead with its NFT plans. It was implementing an NFT characteristic 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 had to announce the blockchain that it might be utilizing. It went in opposition to everybody’s predictions that the social media large would use one of many main NFT networks to implement this characteristic. However, it introduced that the FLOW (*24*) can be its official accomplice to host the NFTs on its blockchain.
FLOW buying and selling at $2.7 | Source: FLOWUSD on TradingView.com
The information of the announcement shortly circulated, and FLOW blockchain gained extra recognition in consequence. By the time the day was over, its’ worth had already risen greater than 100% to be buying and selling 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 manner. The digital asset has risen shortly because it garners extra help from the crypto neighborhood. At the time the information broke on Thursday, FLOW had been buying and selling at round $1.85. At the time of this writing, it is buying and selling 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 neighborhood 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 ready to attain a degree the place it was competing with market leaders equivalent to Ethereum and Solana. However, Instagram’s reputation could but make it a high contender.
FLOW’s rally has pushed it upwards available in the market. It is at present the twenty ninth largest cryptocurrency with a market cap of $2.8 billion. This places it forward of cryptocurrencies equivalent to ApeCoin, Algorand, and Bitcoin Cash.
Featured picture from The Coin Republic, chart from TradingView.com
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