Anyone looking at the charts will have seen FLOW due to the incredible rally its price has had. 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. Less well known, however, is the reason behind this uptick. In this article, we take a look at FLOW and what has caused such an increase in price over the last 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 rolling out an NFT feature for its sister platform Instagram in 100 countries. The platform had delved deep into the metaverse and NFT space, and the announcement did not surprise the market. However, the long-overdue news came with a new player who had previously not been named in the plan.
Naturally, since NFTs need a blockchain to run, Meta had to announce the blockchain it would use. It went against everyone’s predictions that the social media giant would use one of the major NFT networks to implement this feature. However, he announced that FLOW Blockchain would be his official partner to host NFTs on his blockchain.
FLOW trading at $2.7 | Source: FLOWUSD on TradingView.com
News of the announcement spread quickly, and as a result, the FLOW blockchain gained more recognition. By the time the day was over, its price had already risen over 100% to trade above $2.50. as investors flocked to capitalize on this newfound fame.
FLOW continues to increase
A day has passed since the Meta news broke, but FLOW has not slowed down in any way. The digital asset has risen rapidly as it gains more support from the crypto community. At the time the news broke on Thursday, FLOW was trading at around $1.85. At the time of writing, it is trading as high as $2.74. This is recorded as a new two-month high for the digital asset.
The FLOW blockchain was created by Dapper Labs and was launched in September 2019. It has a strong community of supporters as Dapper Labs had been behind the creation of CryptoKitties in 2017. When it launched NBA Top Shot, the blockchain FLOW blocks attracted more attention.
However, despite this, the blockchain has not been able to get to a point where it would compete with market leaders like Ethereum and Solana. However, the popularity of Instagram may still make it a top contender.
FLOW’s rally has pushed it higher in the market. It is currently the 29th largest cryptocurrency with a market cap of $2.8 billion. This puts it ahead of cryptocurrencies like ApeCoin, Algorand, and Bitcoin Cash.
Featured image from The Coin Republic, chart from TradingView.com
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