The Flair airdrop pumps, then dumps by 76% after $FLR recipients decide to immediately cash out their profits.
) and blockchains. While the token only recently launched, the protocol launched its mainnet on July 11, 2022. To date, the Flare mainnet has already processed over 70 million transactions with over 500,000 unique wallets.According to data from
, FLR token seemingly started trading on Jan. 9, at $0.05 amidst low liquidity on MeXC exchange. After the launch, the token soared to $0.15 as exchanges like Binance, OKX and Kraken started trading the airdropped token. Shortly after the increased liquidity arrived from more centralized exchanges FLR token price began to crash. At the time of writing, FLR price has pulled back by 76% to $0.02 and its 24-hour trading volume sits slightly below $50 million.
While the airdrop provided long-awaited FLR tokens at no cost to XRP holders, the outcome of immediate selling is routine for most airdrops. Proof of real success will be whether the network sees a sustained uptick in the use of its layer-1 and interoperable oracle use case. The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
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