The bullish rally in the cryptocurrency market yesterday surprised many crypto investors. Last week, it released employment data in the US. Rates exceeded market expectations. Thus, it showed investors that the FED might be less likely to cut interest rates. However, the stock and crypto markets were bullish after the data. The cryptocurrency market gained a total of 3.8% on the 24-hour chart on Monday. Additionally, many altcoin projects have made huge gains. However, one NFT coin stood out among the assets that made the biggest gains.
This NFT coin has increased by over 50% in one week
Flow (FLOW), an NFT coin, gained 13.3% on the 24-hour chart yesterday. However, the cryptocurrency has attracted even more attention with its rise in the last 7 days. Accordingly, the FLOW price has entered the investor’s radar, rising by more than 50% in the last 7 days. With the rise, Flow entered the top 30 cryptocurrencies. According to the available data, the altcoin was ranked 28th. However, it pulled back slightly after yesterday’s rally and fell 4.16%. At the time of writing, FLOW was trading at $2.92. Despite the recent drop, it was changing hands at around $1.85 just last week. Investors started researching the token after the aforementioned increase in value. In fact, the rise of FLOW was related to the move of social media giant Meta (formerly Facebook).
Why did FLOW rise?
The main catalyst that took Flow higher was related to Blockchain technology and the Dapper Wallet product. Accordingly, these products will play an integral role in Meta’s transition to the NFT space. Photo sharing app Instagram will now support sending NFTs using the Flow Blockchain. However, it will provide a huge boost to this project, which was designed from the beginning to revolutionize the field of NFT. Flow’s blockchain technology seems to have caught the attention of Meta’s top executives. In addition, this purpose-built NFT platform has been approved for use in the company’s impressive NFT presentation.
Reportedly, this international expansion of NFTs to over 100 countries will allow users from around the world to send NFTs printed on the Flow network. Dapper Labs, the company behind the NFT coin project, is best known for its portfolio of NFT projects. CryptoKitties, NBA Top Shot or UFC Strike are some of them. This project has received first mover status in many sports-related NFT collections. As we reported as Kriptokoin.com, NFT investors have been buying Flow’s collectibles for a long time. Instagram is partnering with Flow given its position, which could be a huge market in the long run.
What will happen now?
How successful Instagram’s entry into the NFT world will be is something that will become clear over time. However, the vote of confidence NFT coin investors received from this integration is remarkable. From a technological standpoint, investors have a lot to cheer up with this partnership. Key metrics that traders should watch from here are NFT trading volumes on the Flow network, user growth and adoption over time. Currently, Flow is an NFT coin with some serious momentum. Accordingly, it is possible for this broad-based rally to continue. So it has great potential, at least in the near term.
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