Flow has been reaping the benefits of its recent announcements. The same can perhaps be attributed to Meta’s collaboration with Flow blockchain.
In fact, when the news broke on 4 August, FLOW was trading at around $1.85. Soon after, however, FLOW pumped up to $2.96 on the charts.
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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, alongside Ethereum and Polygon. This is a massive breakthrough for Flow as it begins to establish itself in the digital asset space.
Instagram’s NFT integration lets collectors showcase their verified Flow NFTs on their account in Meta’s photo-sharing service. The announcement confirms that the expansion has now been extended to more than 100 countries after being launched in the U.S in May. With over two billion active users, Instagram will provide a major platform that might lead to the mass adoption of Flow.
That’s not all, however. It was confirmed that Bitrue launched FLOW in yield staking on its platform. In its announcement, Bitrue claimed,
“We are very pleased to be working with Flow to bring our communities a chance to receive returns of up to 8% APY with Yield Farming. The farming period will be for a full 30 days, and there will also be preparation and distribution periods at the beginning and end of the investment.”
The news has, therefore, been received with open arms by the Flow community as activity ramped up on the blockchain. According to a social update shared by Lunar Crush, Flow hit an ATH on the social contributors front with a figure of 2.62k. Moreover, there has also been a paid hike in social mentions and engagements.
Source: Lunar Crush
The effects are also visible on the Social Dominance chart of FLOW. As shown in the chart below, the value on the metric crossed well over the weekly average of FLOW.
The launch on Instagram has definitely headlined a major pump on this metric. Online engagements on Flow are mostly concerned with the potential expansion of the blockchain.
Source: Santiment
Conclusion
Now, while the news is definitely a big one, FLOW has not been able to maintain its momentum. In the last 24 hours alone, FLOW dropped by 5.45% to hit $2.65 at press time.
This sudden loss of pace was overtly visible on the volumes front since it also dipped by a staggering 71%. With momentum already fading away, can FLOW expect a takeoff as it attempts to emerge from this pump?
