Flare Soars 44% In A Week, Its Market Capitalization Reaches IDR 15.7 Trillion

FLR crypto assets are soaring. (Photo; Doc. Ripplecoinnews)

JAKARTA - Flare (FLR), a Ripple-backed crypto asset and distributed free to XRP holders in the early stages, recorded a 44% increase in the past week, leaving its holders hoping to hit a new record high.

As the crypto asset market enters its new week, one of the coins that stole the show was FLR, a native token of the Flare Network. Most of the supply of FLR (155%) was initially distributed free of charge to XRP holders after a snapshot in December 2020.

In the last 24 hours, FLR has again shown impressive performance, up by 10%. This increase saw FLR have surged by 44% in one week and still have the potential to gain further profit if the current bullish trend continues.

Interestingly, FLR's latest increase is a continuation of the recovery trend since this altcoin reached its lowest point of $0.0087 (Rp 137.29) in October 2023. Since then, FLR has gradually recovered, and managed to penetrate $0.031 (Rp 486.7) in recent hours, past an important resistance level.

In addition, FLR's trading volume also increased significantly after the latest increase, with CoinMarketCap noting a 154% spike in just the last 24 hours. Amid this spike, Flare's market capitalization has now surpassed $1 billion (IDR 15.7 trillion) for the first time.

Causes Of Rising Flare Prices (FLR)

The increase in the price of the Flare appears to be due to increased interest in this blockchain, as well as a broader bullish view among crypto investors that has a positive impact on altcoins. Keep in mind that the tech giant Google is now operating a node validator on the Flare.

Meanwhile, related to its DeFi ecosystem, on-chain data shows that total asset value locked (TVL) on the Flare Network has surpassed $7 million (Rp109.9 billion), hitting its highest level since October. Two key protocols on this network, Pangolin and Enosy, are at the top of the rankings. Ideally, this latest spike has the potential to make Flare Network attract more capital and talent of developers in the coming months.

In addition, the increase in FLR prices was also driven by positive developments in FLR price history. According to data from Kraken, FLR has risen more than 250% since early 2024, from $0.0088 (Rp 138.16) on January 1 to $0.023 (Rp 361.1) on January 30. FLR has also recorded an all-time high of $0.0241 (Rp 378.37) on January 18. With this impressive performance, FLR has attracted the attention of many crypto investors looking for new opportunities.