Assessing if and how Meta-inspired FLOW is losing steam
Flow has reaped the benefits of its recent announcements. The same can perhaps be attributed to Meta’s partnership with the Flow blockchain.
In fact, when the news broke on August 4, FLOW was trading around $1.85. Soon after, however, FLOW rose to $2.96 on the charts.
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According to recent announcement, Meta confirmed the launch of Flow NFTs on its sister platform, Instagram. Flow will be one of the first blockchains supported by Meta, along with 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 present verified Flow NFTs to their account on 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 can drive mass adoption of Flow.
But that’s not all. It was confirmed that Bitrue has launched FLOW in odds betting on its platform. In its announcement, Bitrue claimed,
“We are very pleased to partner with Flow to give our communities the opportunity to earn returns of up to 8% APY with Yield Farming. The cultivation period will be for a full 30 days, while there will also be preparation and distribution periods at the beginning and end of the investment.”
The news, therefore, was welcomed with open arms by the Flow community as activity increased on the blockchain. According to a social modernize shared by Lunar Crush, Flow hit an ATH on the social front with 2.62k. Additionally, there was also a paid increase in social mentions and engagements.
The results are also visible in FLOW’s Social Dominance chart. As can be seen in the chart below, the value of the measure crossed well over the weekly average of FLOW.
The Instagram launch certainly has the title of a major pump in this metric. The online engagements in Flow are mainly about the potential expansion of the blockchain.
Now, while the news is certainly big, FLOW has failed to maintain its momentum. In the last 24 hours alone, FLOW is down 5.45% to $2.65 at press time.
This sudden loss of rhythm was clearly visible on the volumes front, as it also fell by an astonishing 71%. With momentum already fading, can FLOW expect takeoff as it tries to emerge from this pump?