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