What is FLOW Blockchain and why is the price up 100% in the last 24 hours?
Anyone looking at the charts will have seen FLOW because of the incredible rally that the price has been on. The digital asset has gone from being in the shadows to being on the radar of crypto investors after growing more than 100% in a single. But less well known is the reason behind this rally. In this article, we take a look at FLOW and what has triggered such a price increase in the last 24 hours.
Meta News is the catalyst
On Thursday came the news that Meta (formerly known as Facebook) was moving forward with its NFT plans. It implemented an NFT feature for its sister platform Instagram in 100 countries. The platform had gone deep into the metaverse and NFT space and the announcement did not shock the market. However, the lingering news came with a new player who had not previously been named in the plan.
Naturally, since NFTs need a blockchain to run on, Meta had to announce the blockchain that it would use. It went against everyone’s predictions that the social media giant would use one of the leading NFT networks to implement this feature. However, it announced that FLOW Blockchain would be its official partner to host the NFTs on the blockchain.
FLOW trading at $2.7 | Source: FLOWUSD on TradingView.com
News of the announcement circulated quickly, and the FLOW blockchain gained more recognition as a result. By the time the day was over, the price had already risen more than 100% to trade above $2.50 as investors flocked to capitalize on this newfound fame.
FLOW continues to rise
It’s been a day since the Meta news broke, but FLOW hasn’t dropped in any way. The digital asset has risen rapidly as it gains more support from the crypto community. At the time the news was announced on Thursday, FLOW was trading at around $1.85. At the time of writing, it is trading as high as $2.74. This registers as a new two-month high for the digital resource.
The FLOW blockchain was built by Dapper Labs and launched in September 2019. It has a strong community of supporters, as Dapper Labs had been behind the creation of CryptoKitties back in 2017. When it launched NBA Top Shot, the FLOW blockchain had gained more attention.
Despite this, the blockchain has not been able to reach a point where it was competing with market leaders like Ethereum and Solana. However, Instagram’s popularity may yet make it a top competition.
FLOW’s rally has pushed it up the market. It is currently the 29th largest cryptocurrency with a market cap of $2.8 billion. This puts it ahead of cryptocurrencies such as ApeCoin, Algorand and Bitcoin Cash.
Featured image from The Coin Republic, chart from TradingView.com
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