Anyone looking at the charts will have seen FLOW due to the incredible rally that its price has been on. The digital asset has gone from being in the shadows to be on the radar of crypto investors after growing more than 100% in a single. However, lesser known is the reason behind this rally. In this article, we take a look at FLOW and what has triggered such an increase in price over the past day.
Meta News Is The Catalyst
On Thursday, news broke that Meta (formerly known as Facebook) was moving forward with its NFT plans. It was implementing an NFT feature for its sister platform Instagram across 100 countries. The platform had been going deep into the metaverse and NFT space, and the announcement did not shock the market. However, the long-time coming news came with a new player that had previously not been named in the plan.
Naturally, as NFTs need a blockchain to run on, Meta had to announce the blockchain that it would be using. 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 the FLOW Blockchain would be its official partner to host the NFTs on its blockchain.
FLOW trading at $2.7 | Source: FLOWUSD on TradingView.com
The news of the announcement quickly circulated, and FLOW blockchain gained more recognition as a result. By the time the day was over, its’ price had already risen more than 100% to be trading above $2.50 as investors flocked to capitalize on this newfound fame.
FLOW Continues To Rise
It has been a day since the Meta news broke, but FLOW has not declined in any way. The digital asset has risen quickly as it garners more support from the crypto community. At the time the news broke on Thursday, FLOW had been trading at around $1.85. At the time of this writing, it is trading as high as $2.74. This registers as a new two-month high for the digital asset.
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 the NBA Top Shot, FLOW blockchain had garnered more attention.
Despite this, though, the blockchain has not been able to reach a point where it was competing with market leaders such as Ethereum and Solana. However, Instagram’s popularity may yet make it a top contender.
FLOW’s rally has pushed it upwards in 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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Source: https://www.newsbtc.com/altcoin/what-is-flow-blockchain-and-why-is-the-price-up-100-in-the-last-24-hours/