Anyone who watches charts has seen FLOW because its price has been incredibly high. After growing over 100% on its own, the digital asset has come to the attention of cryptocurrency investors that have been in the shadows. What is lesser known, however, is the reasoning behind this rise. In this article, we’ll take a look at FLOW and what caused the price increase over the past day.
Metanews is the catalyst
On Thursday, news broke that Meta (formerly Facebook) is moving forward with its NFT plans. The company has implemented his NFT feature on its sister platform, Instagram, where he has been in 100 countries. The platform is deeply in the realm of Metaverse and his NFTs, and the announcement did not come as a shock to the market. However, news has come in of a new player who had not been named in the plans so far.
Naturally, a blockchain is required to run NFTs, so Meta had to announce which blockchain it will use. Contrary to everyone’s expectations, the social media giant would implement this feature using his one of the leading NFT networks. However, FLOW Blockchain has announced that he will be the official partner to host NFTs on the blockchain.
FLOW trading at $2.7 | Source: FLOWUSD on TradingView.com
News of the announcement spread quickly, resulting in increased awareness of the FLOW blockchain. By the end of the day, its price had already climbed over 100% and was trading above $2.50. Investors flocked to capitalize on this newfound fame.
FLOW continues to rise
It’s been a day since the meta news broke, but FLOW is by no means fading. The digital asset has surged as it gains more support from the crypto community.FLOW was trading around $1.85 when the news broke on Thursday. At the time of this writing, it is trading at $2.74. This marks a new two-month high for digital assets.
The FLOW blockchain was built by Dapper Labs and launched in September 2019. Dapper Labs helped him create his CryptoKitties back in 2017 and has a strong community of supporters. The FLOW blockchain received more attention when it launched NBA Top Shot.
Despite this, blockchain has fallen short of competing with market leaders such as Ethereum and Solana. However, Instagram popularity can still be a top contender.
Rising FLOW pushed FLOW up in the market. It currently has a market capitalization of $2.8 billion, making it the 29th largest cryptocurrency. This is better than cryptocurrencies such as ApeCoin, Algorand and Bitcoin Cash.
Featured image from The Coin Republic, chart from TradingView.com
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What is the FLOW blockchain and why has the price increased by 100% in the last 24 hours?
Source link What is the FLOW blockchain and why has the price increased by 100% in the last 24 hours?