Flow benefits from recent announcements. The same can perhaps be attributed to Meta’s collaboration with the Flow blockchain.
When the news broke on August 4th, FLOW was trading around $1.85. Shortly thereafter, however, FLOW surged to $2.96 on the charts.
3… 2… 1…
According to a recent announcement, Meta has confirmed the launch of Flow NFTs on its sister platform, Instagram. Flow will be one of the first blockchains to be supported by Meta, along with Ethereum and Polygon. This is a massive breakthrough for Flow as it begins to make inroads into the digital asset space.
Instagram’s NFT integration allows collectors to feature their verified Flow NFTs on their account on Meta’s photo sharing service. The announcement confirms that the expansion has now expanded to more than 100 countries after launching in the US in May. With over two billion active users, Instagram will provide an important platform that could lead to mass adoption of Flow.
But that’s not all. It has been confirmed that Bitrue has launched FLOW in yield staking on its platform. In his announcement, Bitrue claimed:
“We are excited to partner with Flow to enable our communities to achieve returns of up to 8% APY from yield farming. The farming period is a full 30 days, plus there are preparation and distribution times at the start and end of the investment.”
The news was therefore received with open arms by the Flow community as activity on the blockchain increased. According to a social update shared by Lunar Crush, Flow hit an ATH on the social contributor front with a tally of 2.62k. In addition, there was also a paid increase in social mentions and engagements.
Source: Lunar Crush
The effects can also be seen on FLOW’s Social Dominance chart. As shown in the chart below, the metric’s value was well above FLOW’s weekly average.
The launch on Instagram definitely triggered a big pump in this metric. Online engagements on Flow are mostly related to the potential expansion of the blockchain.
Source: Santiment
Conclusion
Well, while the news is definitely big, FLOW hasn’t been able to maintain its momentum. In the last 24 hours alone, FLOW is down 5.45% to hit $2.65 at press time.
This sudden drop in pace was clearly visible on the volume front, as it also fell by a staggering 71%. With momentum already fading, can FLOW expect a start as it attempts to break out of this pump?
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.