Price of flow sees 100% increase after Meta announcement.
The bear market has been harsh for a lot of blockchains and tokens. The beginning of 2022 saw Bitcoin, Ethereum, Solana and many other main tokens drop significantly in value. The month of the Terra collapse was the harshest of all the months faced during this bear market.
Recently the market has slowly started to recover and though there is no word or sign as to when the bull market will fully make a comeback there are some events that give investors and retail clients some form of hope. FLOW, which is an effective ecosystem for programmers with over 5.5 million wallet accounts, the platform is versatile and has facilitated the creation of many DApps. Flow aims to become an alternative to Ethereum that is faster and smarter. The platform uses a proof-of-stake method like Solana that makes it faster than todays Ethereum.
FLOW has not enjoyed the amount of popularity that other blockchains and tokens have enjoyed. Some may say that flow has been very quiet, almost to the point of being forgettable but a recent message by the metaverse company Meta has made all of that change overnight as the token has had a 100% gain.
This past Thursday Aug. 4 Meta announced that the company would continue with their plans for NFT implementation on Instagram and that the offering would be available in over 100 countries. One of the blockchains mentioned in the implementation was FLOW and this mentioning aided in the sudden jump in price of the Flow token. As the day ended and many flocked to Flow to learn more about this partnership trading ended at a bit above $2.50.
FLOW was created by Dapper Labs which was responsible for the highly successful CryptoKitties in 2017. The large following from that project aided in the FLOW blockchains growth and the success of NBA Top Shot.
FLOW has not reached anywhere near other tokens such as Ethereum, Solana, Cardano, and a few others but the Instagram implementation can be seen as a way to push its price to new highs.The platform currently sits at rank 29 with a $2.7Bn Valuation