Ripple-backed Flare (FLR), a cryptocurrency that was distributed to XRP holders in its early stages, has gained 44% in the past week, with holders dreaming about all-time highs again.
As the cryptocurrency market begins a new week, one of the coins on a breakout is FLR, the native token for the Flare Network. A significant portion of the FLR supply (15%) was originally airdropped to XRP holders following a snapshot in December 2020.
In the past 24 hours, FLR has reentered the spotlight, having gained 10% in the past 24 hours. The increase means that FLR has now surged by 44% in one week and remains poised for additional gains if the current bullish trend continues.
Noteworthily, the latest eye-catching gains for FLR are not an isolated price action. Instead, it continues a record of resurgence since the altcoin hit a local bottom of $0.0087 in October 2023. Since then, FLR has gradually recovered lost ground, with a break above $0.031 in the past few hours, taking it beyond a critical resistance level.
Additionally, trading volume for the asset understandably surged in the wake of the recent increase, with CoinMarketCap recording a 154% jump in the past 24 hours alone. Amid the surge, Flare’s market capitalization has now crossed $1 billion for the first time ever.
Why is Flare (FLR) Pumping?
The Flare price increase appears linked to an increased interest in the blockchain’s ecosystem, as well as a broader bullish outlook amongst crypto investors that has positively impacted altcoins. Recall that tech giant Google is now operating a validator node on Flare.
Meanwhile, with connection to its DeFi ecosystem, on-chain data shows that the total value of locked (TVL) assets on Flare Network has risen above $7 million, its highest level since October. Two major protocols on the network, Pangolin and Enosy, top the charts. Ideally, the latest surge in value potentially lines up Flare Network to attract more capital and developer talent in the coming months.