Flow, a token powering a blockchain network focused on non-fungible tokens (NFT), surged in price after the big cryptocurrency exchange Binance said Friday it would list the project.
Binance said at 7:00 UTC (3 a.m. ET) that it would list the FLOW token; since then, the price has rallied to $29 from $18, a 61% rise. On a 24-hour basis, the cryptocurrency is up 30%.
- The token began the day at $18.26 and climbed to $27.56 after the announcement from Binance, according to data from Messari.
- FLOW’s market value jumped to $1.23 billion.
- Flow is a blockchain built to support gaming applications and digital assets.
- The ecosystem is a product of Dapper Labs, the company behind the CryptoKitties blockchain game and NBA Top Shot, which allows fans to buy, sell and trade officially licensed video highlights of National Basketball Association moments.
- Flow’s rally after Binance’s announcement could be a sign the market still sees the exchange as a major player, despite recent regulatory crackdowns.
- Binance is still the leading crypto exchange in terms of spot and derivative market volumes and futures market open interest. So the listing could provide access for a larger swath of traders to buy or sell the FLOW token.