Flow is reaping the benefits of the recent announcements. The same can perhaps be attributed to Meta’s collaboration with Flow blockchain.
When the news broke on August 4, FLOW was trading around $1.85. Shortly after, however, FLOW pumped up $2.96 on the charts.
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According to a recent AnnouncementMeta 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 huge breakthrough for Flow as it begins to establish itself in the digital asset space.
Instagram’s NFT integration allows collectors to display their verified Flow NFTs on their account in 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.
That’s not all, however. It was confirmed that launched Bitrue FLOW in yield staking on its platform. In his announcement, Bitrue claimed,
“We are very excited to partner with Flow to give our communities a chance to receive up to 8% APY returns with Yield Farming. The farming period will last 30 days and there will also be preparation and distribution periods at the beginning and end of the investment.”
The news has therefore been welcomed with open arms by the Flow community as activity on the blockchain increased. According to a social update shared by Lunar Crush, Flow reached an ATH in social contributions with a mark of 2.62k. In addition, there has also been a paid rise in social mentions and engagements.
Source: Lunar Crush
The effects are also visible on FLOW’s Social Dominance chart. As can be seen in the chart below, the value on the metric crossed well above the weekly average of FLOW.
The launch on Instagram has certainly delivered a big pump on this stat. Online engagements on Flow are mainly concerned with the possible expansion of the blockchain.
Source: Santiment
Conclusion
While the news is certainly big, FLOW has failed to maintain its momentum. In the past 24 hours alone, FLOW fell 5.45% to $2.65 at the time of writing.
This sudden loss of pace was evident on the volume front as it also dropped a whopping 71%. With momentum already fading, can FLOW expect a takeoff as it tries to get out of this pump?