The post Flare Network Burns 66M FLR Tokens: Could This Be the Turning Point for FLR Price appeared first on Coinpedia Fintech News
Flare (FLR) Network, a layer-one blockchain focused on decentralized data infrastructure, has announced its latest monthly token burn, a move designed to enhance the value of community-held tokens. In this month’s burn, Flare incinerated 66,293,390 FLR tokens, part of a larger 2.1 billion FLR burn initiative set to run until January 2026.
The Flare team is targeting a burn of over 2 percent of the total token supply by the end of the program, a development expected to significantly benefit long-term holders. Hugo Philion, CEO and co-founder of Flare Network, emphasized that this massive 2.1 billion FLR burn—representing approximately 40 percent of the original allocation to early investors—is crucial in preventing the unfair dilution of community holdings.
FLR Price Struggles
Amid the ongoing crypto recovery, led by Bitcoin (BTC), Flare (FLR) price has not registered tangible results. Since the beginning of June 2024, FLR price against the US dollar has dropped over 45 percent to trade around $0.01615 on Thursday.
Technical Challenges
The small-cap altcoin, with a fully diluted valuation of roughly $1.66 billion and an average daily trading volume of about $10 million, has faced severe setbacks in recent weeks. Notably, FLR’s price closed last week below the key support/resistance level of $0.0183, which aligns with the 0.786 Fibonacci Retracement on the weekly chart.
However, there may be a glimmer of hope. The weekly Relative Strength Index (RSI) has dipped close to the 30 percent mark, indicating that the digital asset is significantly oversold. From a technical perspective, FLR could be poised for a V-shaped rebound in the near term, especially in light of the recent landmark ruling in the Ripple vs. SEC case.
Flare’s Expanding Web3 Ecosystem
Beyond price action, the Flare Network continues to grow as a vibrant Web3 ecosystem. The network boasts around $9.36 million in total value locked (TVL) across several DeFi projects, including prominent platforms like Kinetic Lending, SparkDEX, and Steer Protocol.
As a result of its ongoing development, Flare now supports nearly 1 million wallet addresses and has processed over 93 million transactions since its inception.
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The Flare network is making moves. Will these efforts be enough to fuel a sustained rally? Share your insights.