A little-known cryptocurrency has skyrocketed in recent weeks and has become part of the top 100 crypto assets by market cap, currently ranking 99th. This is the FLUX token, a digital currency that powers the ecosystem of the same name. As per the project description on CoinMarketCap, the digital asset has multiple uses including, for example, purchase capabilities, escrow nodes and fees for transactions. In addition, it serves as a reward for both miners and FluxNode operators.
FLUX token rising bull
The token in question is on a continuous rise. Data from CoinMarketCap shows that in the last 24 hours the price of the digital asset has jumped more than 15%. In addition, expanding the cut to the last seven days, the high is already more than 33%. In the last 30 days, the price growth is even more expressive: more than 120%.
FLUX token price chart for the last 30 days. Source: CoinMarketCap The FLUX token went from BRL 3.13 on August 7 to the current price of BRL 6.85. Although the rise is significant, the current price is still far from the all-time high (-67%) of more than BRL 21.60 reached by the token in December last year. At that time, almost the entire crypto market was booming. Despite this, the rise of the last few weeks is at odds with the other cryptocurrencies on the market, which are sideways or down. Bitcoin (BTC), for example, has dropped about 13% in the last 30 days. Meanwhile, Ether (ETH), which is gearing up for the biggest event in its history, The Merge, lost 0.7% in the period.
About the project
The Flux platform aims to become the leading next-generation decentralized cloud architecture solution. “The Flux ecosystem is dedicated to empowering everyone to develop, deploy and use the decentralized Internet of the future: Web3,” reads the project description. The Flux ecosystem consists of: a native and mineable PoW cryptocurrency (FLUX); a decentralized computing network (FluxNodes); a Linux-based operating system (FluxOS); a digital asset platform (Zelcore); and finally, the Flux blockchain for on-chain governance.
Reasons for the high: Does the Merge explain?
According to analyst Crispus Nyaga, the rise in Flux’s price happened as the number of nodes and other activities on the network increased. “In this period, the currency managed to move above the 25 and 50-day moving averages, while the MACD moved above the neutral point. The Relative Strength Index (RSI) has risen above the overbought level.” Analyst Alexandre Arriech explained that the reason for the increase is that Flux is a token based on PoW (Proof of Work). As Arriech highlighted, Flux has been presenting itself as a viable alternative to Ethereum miners, who will soon be forced to share their earnings with token holders once The “Merge” takes place. “However, Flux is more than just a PoW-powered blockchain. The development team aims to create a new paradigm that consists of using the computational power of their network to solve real-life problems,” he said. Furthermore, he noted that in July, Flux reached an important milestone, as 100 million FLUX tokens (nearly a quarter of the maximum token supply) are currently locked up. “This limits FLUX’s available liquidity and may be the reason why the token’s value has been rising since late July, when the milestone achievement was announced,” he highlighted. Also Read: Binance To Delist USDC, USDP, TUSD Stablecoins, Liquidate Open Positions Also Read: Nigeria and Binance Plan to Build a Crypto-Friendly Economic Zone next to ETH
