Why Did Flow (FLOW) Seem to Flippen BTC?
A listing anomaly happened for a short spell on CoinMarketCap, putting Flow (FLOW), a relatively unknown asset, ahead of Bitcoin (BTC). At that time, BTC was near its all-time high around $66,000, a position seemingly too high for any popular altcoin to challenge.
FLOW traded at only $14.69, but somehow flippened BTC at prices above $65,000. The asset seemingly had a supply glitch, where more than 3 quadrillion tokens were listed as the total supply. Based on this metric, FLOW would be worth more than 35 times the market capitalization of BTC.
Later, the glitch was fixed and the supply of FLOW normalized to 306M coins. The listing mistake happened after planned tranches of locked coins were distributed to earlier buyers.
Selling after the supply increase may have added to the price pressure, bringing FLOW down to $15 from an October peak around $20. For now, FLOW remains unpredictable and the data on selling is mixed. Analysts see a potential sale from large-scale owners that have held the asset since its token sale two years ago, but small-scale retail selling is also a possibility.
FLOW is now turning into a more noticeable asset, and has climbed to a higher market cap even with the increased token supply.
The real ranking on FLOW is at 43, with a market cap of $4.45B. FLOW managed to flippen the previously hot Aave (AAVE) and may be about to flippen NEAR Protocol (NEAR).
FLOW raised $19.5M during its ICO in October 2020. After October 6, 50% of the ICO tokens became immediately available. The other 50% of tokens would be unlocked in monthly portions over the next 12 months.
The FLOW ICO was one of the most lucrative, with a starting price of $0.38. The project now faces the double pressure of potential selling to realize profits, and the potentially rising price of the native token.
Flow Blockchain Offers NFT Powerhouse
The Flow project promised a scalable, open system for building distributed apps. The FLOW blockchain was envisioned and built by the Dapper Labs team, the developers behind CryptoKitties.
FLOW went beyond the first attempt at a popular NFT, and now hosts multiple collections and airdrops. FLOW now facilitates the 10,000 NFTs from the Racing Time collection, scheduled for competitive token minting on October 21.
With its experience from CryptoKitties, the Flow team also boosted decentralized game-based collections, making them one of the most visited collections on dApp Radar.
Flow also hosts NBA Top Shot as its leading collectibles app.
FLOW Builds New Token Infrastructure
FLOW is the native token of a separate blockchain, which exists beyond the Ethereum ecosystem. This sets the stage for a much higher FLOW value, as it is the only tool for building the network, its distributed apps and the internal economics of collectibles, games and other distributed apps.
For that reason, FLOW is seen as potentially rising to a much higher valuation, even to triple-digit prices.
FLOW has multiple functions and can be staked for additional rewards. More than 686M FLOW are staked, underscoring the scarcity of the token. Only less than half of that supply runs in circulation, out of a maximum 1.38B FLOW tokens.
How to Get FLOW
FLOW is available for Binance International traders, with FLOW/USDT making up around 17% of all token activity. FLOW also has a significant presence on the EU-based Kraken exchange, in multiple crypto and fiat pairings.
FLOW requires a native wallet, launched by creating a Flow ecosystem or Blocto account. FLOW can also be stored through the Ledger desktop interface, and stored in the hardware wallet.
A Flow account opens up the opportunity for the entire world of NFTs, suggesting the project may become the go-to network for some of the hottest collectibles. FLOW has also grown its ecosystem by using some existing DeFi tokens and stablecoins. Yet the chief utility for FLOW remains the issuance and marketing of collections and in-demand rare digital items.
Is FLOW a Good Investment
FLOW comes in with potentially more visibility, just in time for a booming altcoin season. Just a day ago, the asset was made more easily available for US-based buyers, through the Crypto.com app.
FLOW may enter a price discovery stage, as more new tokens are released or taken back into staking. Just about a week ago, FLOW turned from a $1B market cap coin to a cap above $5.5B, even before the token supply anomaly that briefly made the asset number 1 by market capitalization. Trading volumes above $500M per day are just becoming more regular for FLOW, and the asset is yet to build up depth and decrease slippage on its Binance trading pair.
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