The price of the Flow blockchain’s token increased by more than 60% this week. The cryptocurrency stands in stark contrast to the rest of the market, which remains bleak, with Bitcoin doing particularly poorly.
Indeed, Flow has profited from Meta (NASDAQ:META), previously Facebook, adopting it for its Instagram social network. The move is part of the company’s attempts to broaden its NFT program on Instagram.
As a result, Instagram has expanded its NFT program to more than 100 countries and will accept NFTs issued on the Flow blockchain. This revelation might not only keep the crypto price rising, but it could also increase volume by promoting the publishing of NFTs on this platform.
Furthermore, the surprise gain may steer money flows to Flow as investors remain dissatisfied with the crypto market’s lack of investing alternatives. Given the inflow of investors, the Flow blockchain has experienced a large growth in the number of addresses holding its tokens since the announcement of inclusion in Instagram.
It should be emphasized that the whole crypto market has been plagued by investor risk aversion since the US Fed began tightening its monetary policies in order to combat inflation.
