Crypto

What is the FLOW blockchain and why has the price increased by 100% in the last 24 hours? – Cryptocurrency

Anyone who looks at the charts will see FLOW due to the incredible increase in its price. The digital asset has moved from obscurity to the sight of crypto investors after rising over 100% in one go. However, the reason for this rally is less known. In this article, we’ll take a look at FLOW and what has caused such a rise in prices over the last day.

Meta News is the Catalyst

On Thursday, it was revealed that Meta (formerly known as Facebook) is moving ahead with its NFT plans. It has implemented NFT functionality for its sister platform Instagram in 100 countries. The platform has taken a deep dive into the metaverse and the NFT space, and this announcement did not come as a shock to the market. However, the long-awaited upcoming news has arrived with a new player who was previously unnamed in the plan.

Naturally, since the NFT requires a blockchain to work, Meta had to announce which blockchain it would use. This went against all predictions that the social media giant would use one of the major NFT networks to implement the feature. However, he has announced that Blockchain FLOW will be his official partner to place NFTs on his blockchain.

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FLOW trades at $2.7 | Source: FLOWUSD on TradingView.com.

News of the announcement quickly spread, and as a result, the FLOW blockchain gained acceptance. By the end of the day, its price had already risen by more than 100% and was trading above $2.50. as investors flocked to capitalize on this newfound fame.

STREAM continues to increase

It’s been a day since the Meta news broke, but FLOW hasn’t abated by any means. The digital asset is growing rapidly as it receives a lot of support from the crypto community. When the news broke on Thursday, FLOW was trading at around $1.85. At the time of this writing, it is trading for just $2.74. This registers as a new two-month high for the digital asset.

The FLOW blockchain was created by Dapper Labs and launched in September 2019. It has a strong community of supporters since Dapper Labs was behind the creation of CryptoKitties in 2017. When he launched the NBA Top Shot, the FLOW blockchain got more attention. .

However, despite this, the blockchain has not been able to compete with market leaders such as Ethereum and Solana. However, Instagram’s popularity may still make it a top contender.

The FLOW rally pushed him up in the market. It is currently the 29th largest cryptocurrency with a market capitalization of $2.8 billion. This puts it ahead of cryptocurrencies such as ApeCoin, Algorand and Bitcoin Cash.

Featured image by The Coin Republic, chart by TradingView.com

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