⚡ Meet the Top Gainers: Flare (FLR) Soars 16% in 24 Hours
posted 3 Oct 2024
Flare has emerged as a new top gainer in the cryptocurrency market. The native token FLR surged by 16%, nearly tripling the growth of its nearest competitor.
Cryptocurrency Daily Growth Ranking. Source: coinmarketcap.com
Flare is an L1 blockchain with added functionality for collecting data from other networks. Specifically, Flare allows users to transfer transaction details, wallet balances, and other data from different blockchains.
The project was founded in 2019, with beta testing launched in July 2022, and the public observation mode (during which the team controlled more than 33% of network validation) started on September 30, 2022.
The team has raised a total of $57 million across four funding rounds. The leading investor is Tier 2 fund Kenetic Capital, with participation from Genesis, Digital Currency Group (DCG), LD Capital, and Aves Lair.
Flare’s Native Token, FLR
FLR is the native token of the Flare network, primarily used for governance via decentralized voting within the DAO.
At the time of writing, FLR has a market capitalization of $800 million, ranking 30th in the “Blockchain” category and 80th among all crypto assets, according to DropsTab.
The current price of FLR is $0.01641. In August 2024, the token tested a key support level of $0.01351 before rising by more than 30%. Over the last 60 days, FLR has been in consolidation, and its recent surge may have been driven by yesterday’s liquidity removal near the lower boundary of its range at $0.01467.
FLR Trading Within Key Levels. Source: tradingview.com
Around 50 billion FLR tokens are currently in circulation, which is 47% of the total supply. FLR tokens are distributed linearly, meaning eligible holders receive them after each block is processed, rather than at fixed intervals.
Final Words
Flare’s X account boasts more than 300,000 followers, with posts averaging 20,000 views. The social analytics platform TwitterScore has rated Flare’s presence with a score of 98 (good).
Flare X Account Analytics. Source: twitterscore.io
Investing in any project requires thorough research. A token’s performance over one day is no guarantee of future growth. Always do your own research and carefully weigh the risks!
