Flare (FLR) price soars as daily trading volume jumps 320%

Flare price surged significantly on Monday, rising 14% amid a 320% spike in trading volume.
The FLR token gained amid broader market upside, with Bitcoin above $95k
Notably, FLR traded to highs of $0.019 amid a key integration of USDT0.

Flare (FLR), a blockchain protocol focused on interoperability, has seen its price surge significantly today.

According to data from CoinMarketCap, the FLR token soared more than 15% to highs of $0.019, climbing alongside a staggering 320% spike in its 24-hour trading volume.

FLR traded near $0.018 at the time of writing, still an impressive 14% up in 24 hours and with a daily trading volume of over $31.2 million.

Flare chart by CoinMarketCap

Why is Flare price up?

One of the factors likely to have driven Flares impressive price movement in the past day and recent weeks is the broader cryptocurrency markets upside.

Most tokens rose as Bitcoin broke past $90k currently above $95k and eyeing $100k to flip bullish after early sell-off pressure.

Rising optimism in global financial markets has helped, with stocks gaining as investors anticipate strong corporate earnings, trade deals, and economic recovery.

The crypto market, often correlated with risk-on sentiment, has benefited from this wave of optimism. However, Flares rally isnt just a byproduct of market-wide trends.

A significant development for the protocol is its recent integration of Tethers USDT stablecoin.

On Monday, Flare announced that USDT0 is now live on its platform, offering fast, secure, and gasless transfers with deep liquidity.

Why is USDT0 integration key?

This integration, powered by LayerZeros Omnichain Fungible Token (OFT) standard, unlocks over $140 billion in liquidity for Flares ecosystem, particularly for XRPFi (XRP-based decentralized finance).

Backed 1:1 by Tethers USDT, this move positions Flare as a key player in the stablecoin and DeFi space, attracting investors and developers alike.

USD0 helps accelerate real-world stablecoin adoption on Flare by solving one of the industrys biggest challenges: fragmented utility. By enabling native, cross-chain liquidity, USD0 brings seamless interoperability to Flares ecosystem. Paired with Flares gasless transaction model, this integration creates a frictionless user experience that lowers the barrier for everyday stablecoin usage, USDT0 co-founder Lorenzo R said.

FLR price prediction:

Flares price has spiked more than 38% in the past month.

However, FLR remains more than 75% down from its all-time high near $0.08 reached in January 2023.

Despite a slight dip from intraday highs amid possible profit taking, the volume spike and price rally suggest the Flare price could see another leg up.

The cryptocurrency is trending alongside top altcoin gainers Virtual Protocol, DeepBook, and Monero, all with double-digit gains in the past 24 hours. Nexo price also surged on Monday as the crypto lender announced its relaunch in the US.

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Text source: CoinJournal: Home

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