Flow token from dapper labs soars after binance listing
Flow, a token powering a blockchain network focused on non-fungible tokens or NFTs, surged in price after the big cryptocurrency exchange Binance said Friday it would list the project.
Binance said at 7:00 UTC that it would list the flow (FLOW) token, and since then, the price has rallied to $29 from $18 – a 61% rise. On a 24-hour basis, the cryptocurrency is up 30%.
-
The token began the day at $18.26 and climbed to $27.56 after the announcement from Binance, according to data from Messari.
-
FLOW's market value jumped to $1.23 billion.
-
Flow is a blockchain built to support gaming applications and digital assets.
-
The ecosystem is a product of Dapper Labs, which is the company behind the CryptoKitties blockchain game.
-
NBA Top Shot also runs on the Flow blockchain and allows fans to buy, sell and trade officially-licensed video highlights of NBA moments.
-
Flow’s rally after Binance’s announcement might show that the market still sees the exchange as a major player, despite recent regulatory crackdowns.
-
Binance is still the leading crypto exchange in terms of spot and derivative market volumes and futures market open interest.
-
So the listing could provide access for a larger swath of traders to buy or sell the FLOW token.
Author
CoinDesk Analysis Team
CoinDesk
CoinDesk is the media platform for the next generation of investors exploring how cryptocurrencies and digital assets are contributing to the evolution of the global financial system.
