The price gain has been supported by a 345 percent increase in the dollar value of open positions in FLOW futures that are posted on Binance.
FLOW, the Flow network’s native token, increased by more than 35% after Meta Platform (META) decided to use the blockchain to further its non-fungible tokens (NFT) program.
According to CoinDesk data, FLOW increased by 38 percent to $2.62 during the last day. At that moment, prices reached their highest point since May 31 at $2.84.
After Meta announced the international extension of its previously tested digital collectibles function on its photo and video-sharing network Instagram, the token saw buying pressure. Support for NFTs produced on the Flow blockchain was announced by Meta. NFTs are digital tokens that signify ownership of real or imagined resources.
As part of its expansion strategy, the social media behemoth also announced support for the Coinbase (COIN) wallet and the Dapper wallet.
The Dapper Labs-developed Flow blockchain is best known for the NFT sensation NBA Top Shot.
According to statistics recorded by Coinglass, the price increase in FLOW is supported by a triple-digit increase in futures open interest on important exchanges, including Binance.
A rise in open interest confirms the price rally by indicating that more capital is being invested in the FLOW market.
As shown in the chart below, the larger decline is still present.
