Flow has been benefiting from recent announcements. This can perhaps be attributed to Meta’s partnership with the Flow blockchain.
In fact, when the news broke on Aug. 4, FLOW was trading around $1.85. Soon after, however, FLOW surged to $2.96 on the chart.
According to the most recent announcement, Meta has confirmed the launch of Flow NFT on its sister platform Instagram. Flow will be one of the first blockchains supported by Meta along with Ethereum and Polygon. This was a huge breakthrough for Flow as it started to gain a foothold in the digital asset space.
Instagram’s NFT integration lets collectors showcase their verified Flow NFTs on their accounts in Meta’s photo-sharing service. The announcement confirms that the extension has now expanded to over 100 countries after launching in the US in May. With over 2 billion active users, Instagram will provide a major platform that could lead to mass adoption of Flow.
However, that’s not all.it is comfirmed Bitrue has launched FLOW yield staking on its platform. Bitrue claims in its announcement,
“We’re excited to partner with Flow to give our community the opportunity to earn up to 8% APY through Yield Farming. The farming period is a full 30 days, and there will also be a preparation and distribution period at the start and end of the investment.”
So, with the increased activity on the blockchain, the Flow community has embraced the news with open arms.according to a society renew Shared by Lunar Crush, Flow hit ATH in front of social contributors with a figure of 2.62k. Also, social mentions and engagement have increased.
These effects can also be seen on FLOW’s social advantage graph. As the chart below shows, the metric’s value far exceeds FLOW’s weekly average.
Posts on Instagram are undoubtedly the main driver of this metric. The online event on Flow focuses on the potential expansion of the blockchain.
Now, while the news is definitely big news, FLOW has failed to maintain its momentum. In the past 24 hours alone, FLOW is down 5.45% to $2.65 at press time.
This sudden speed drop was evident in transaction volume, as it also dropped by a staggering 71%. With momentum already fading, can FLOW look forward to taking off as it tries to emerge from this pump?