FLOW has seen an incredible price rally, as can anyone who looked at its charts. After growing by more than 100 percent in one year, the digital asset is now on crypto investor’s radar. The reason for this rally is less well-known. This article will examine FLOW and explain why the price has increased so much over the past 24 hours.
Meta News Is The Catalyst
Meta (previously known as Facebook), was moving ahead with NFT plans. The platform was rolling out an NFT function for Instagram, its sister platform. It did so in 100 different countries. Although the platform has been deep in the NFT world and the metaverse, the news did not surprise the market. The long-awaited news was accompanied by a new player who had not previously been mentioned in the plan.
Meta was required to disclose the name of the blockchain it will be using because NFTs run on blockchains. It went against everyone’s predictions that the social media giant would use one of the leading NFT networks to implement this feature. The FLOW Blockchain was announced as its official partner in hosting NFTs on the blockchain.
Source: FLOWUSD on TradingView.com| Source: FLOWUSD on TradingView.com
FLOW blockchain quickly gained recognition after the news spread. By the time the day was over, its’ price had already risen more than 100% to be trading above $2.50 Investors rushed to capitalize on the newfound fame.
FLOW Keeps Increasing
FLOW hasn’t fallen in value since Meta news broke. With more crypto community support, the digital asset has been rising quickly. FLOW traded at $1.85 as of Thursday’s news. It is currently trading at $2.74 as of the writing. This is a two-month record for digital assets.
Dapper Labs developed FLOW Blockchain and launched it in September 2019. There is a large community behind FLOW, since Dapper Labs were the ones who created CryptoKitties in 2017. FLOW blockchain gained more attention when the NBA Top Shot was launched.
However, it has yet to be able compete with Solana and Ethereum. However, Instagram’s popularity may yet make it a top contender.
FLOW’s rally has pushed it upwards in the market. With a $2.8 billion market cap, it is the 29th most popular cryptocurrency. This makes it more valuable than cryptocurrencies like Algorand, ApeCoin and Bitcoin Cash.
Featured Image from The Coin Republic chart by TradingView.com
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