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Flow Blockchain Jumps 100% In Price

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Flow Blockchain jumps 100% in price and everyone who has been looking at the charts is probably wondering why. After increasing by more than 100% in a single day, the digital asset has emerged from the shadows and is now on the radar of cryptocurrency investors. However, the motivation for this protest is less well understood. In this article, we examine FLOW and the factors that led to its recent price rise.

Flow chart 24 hours. Source: CoinGecko

The Catalyst Is Meta News

The announcement that Meta (formerly known as Facebook) was advancing its NFT plans made headlines on Thursday. For its subsidiary site Instagram, it was introducing an NFT feature across 100 nations.

The platform had been making significant inroads into the NFT and metaverse spaces, thus the revelation did not surprise the market. The long-awaited news, however, included a new player who had not yet been identified in the plan.

Naturally, Meta had to disclose the blockchain it would be using, as NFTs require a blockchain to function. Everyone’s forecasts were wrong, as the social media juggernaut chose one of the top NFT networks to implement this functionality. The FLOW Blockchain, on the other hand, was named as its official partner to host the NFTs on its blockchain.

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As soon as the announcement was made, word spread swiftly, increasing interest in FLOW blockchain. By the end of the day, investors had gathered to take advantage of this newfound reputation, making sure that Flow Blockchain jumps 100% in price or to be trading above $2.

FLOW Is Still Increasing

Since the Meta news first surfaced a day ago, FLOW has not changed in any way. The value of the digital asset has increased swiftly as the crypto community grows to support it more. FLOW was trading at about $1.85 on Thursday when the story first surfaced. It is trading as high as $2.74 as of the time of this writing. This represents the digital asset’s new two-month high.

Dapper Labs created the FLOW blockchain, which became live in September 2019. Due to the fact that Dapper Labs was responsible for the development of CryptoKitties in 2017, it has a large group of supporters. FLOW blockchain had attracted more attention when it first introduced the NBA Top Shot.

Despite this, the blockchain has not yet been able to catch up to industry titans like Ethereum and Solana in terms of market share. However, Instagram’s popularity can still elevate it to the top of the field.

Check out today’s news.

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