News Of Instagram Partnership Made This Altcoin Best Performing Crypto Of The Week

Flow FLOW/USD was the best performing crypto token over the last week, rallying 47% over the last seven days. The news was largely driven by an announcement regarding the blockchain’s partnership with Meta Platforms’ META Instagram to bring NFTs to the social media platform. 

Top Gainers of Week Ending Aug. 8, 2022 (Data via CoinMarketCap)
Cryptocurrency 7-Day % Change (+/-) All-Time High Value/Date Reached % Change (+/-) Since All-Time High
Flow (FLOW) +47% $42.40 On April 05, 2021 -93%
Decred (DCR) +35% $247.35 On April 17, 2021 -85%
Trust Wallet Token (TWT) +24.4% $1.5 On April 09, 2021 -20%
Theta Network (THETA) +21.72% $15.72 On April 16, 2021 -89%
Quant (QNT) +21% $427.42 On Sept. 11, 2021 -70%

Instagram Goes With The Flow

The native token of the Flow blockchain extended a seven-day rally to a three-month high of $2.97 on Monday. FLOW’s price action followed an announcement that Instagram had added support for the Flow blockchain for users to mint NFTs directly on the app.

The number of transactions on the Flow blockchain hit an all-time high of 1.4 million last week, suggesting an uptick in user activity along with the price. 

Another token that saw the positive effects of the Meta partnership was the native token of crypto wallet provider Trust Wallet. The Trust Wallet Token TWT/USD rallied to a four-month high of $1.18 after Meta announced Trust Wallet as the main partner wallet for the Meta and Instagram NFT initiative.

Decred’s Massive One-Day Rally

Hybrid blockchain Decred DCR/USD gained an impressive 125% over a few hours on Aug. 6. As per data from Benzinga Pro, DCR saw a sharp surge from $27.79 to $63.80 on Saturday.

Market participants believe that the new block reward split implemented three months ago will prove favorable for the coin in terms of long-term price action.

Altcoins Rally As Bitcoin Breaches $23,500

Bitcoin BTC/USD traded between $22,500 and $23,500 over the week and its dominance accounted for 40.36% of the cryptocurrency market. Ethereum ETH/USD traded between a low of $1,570 and a high of $1,744 over the last seven days.

Altcoins such as Quant QNT/USD and Theta Network THETA/USD also saw significant rallies over the past week, sparking debates that an alt season may be underway.

Photo by Satheesh Sankaran on Shutterstock

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Posted In: CryptocurrencyLong IdeasNewsMarketsTrading IdeasaltcoinsDecredInstagramTheta NetworkTrust Wallet
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