thecryptobasic.com
The price of Flare (FLR), a token initially distributed to XRP holders, has hit a new all-time high amid a bullish crypto market outlook.
Flare (FLR), the native token of the EVM-based Flare Network, has gained 10% in the past 24 hours. The surge is largely linked to a bullish crypto market uptrend as well as certain developments within the Flare ecosystem.
Last week, the Flare Network team published landmark news about the project’s tokenomics. The core of the update is that the project’s early investors will double down on Flare by extending token unlock times, as well as invest up to 50% of token sale proceeds into the Flare ecosystem.
The early investors extended their vesting period from 2024 to the first quarter of 2026. Additionally, they pledged to sell only 0.5% of the total trading volume of the asset and reinvest a significant chunk of proceeds into Flare-based projects.
Investors considered the developments as largely bullish for Flare, with the token gaining 50% in the past seven days. Most recently, FLR rallied 10% over the last 24 hours, eventually claiming a new all-time high since its market debut in January 2023.
Flare Hits New All-time Market High
Within the past 24 hours, Flare hit a new all-time high of $0.053, its highest point since it began trading in the open market. This all-time high is not to be confused with Flare’s pre-market value, which was way higher than $0.079, according to CoinMarketCap data.
Recall that many exchanges, notably including Bitrue, listed IOU versions of the Flare token before the asset’s release and airdrop to XRP holders. Hence, the market overvalued FLR tokens prior to its official launch.
However, the Flare Network team and cryptocurrency have otherwise performed impressively since going live. The project has onboarded Google as an infrastructure provider and also built synergies with the Ripple ecosystem.
The Flare cryptocurrency, on its part, has gained 31% in the past year, including a 138% gain in the past month alone. A continuation of the run could see Flare eventually beat its pre-market high in the coming months.