Ripple Ally Flare (FLR) Jumps 20%, Here Are Two Reasons

Flare (FLR), the native token of the Flare Network, an EVM-based layer-1 that provides developers with high-integrity data from other chains and the internet, experienced a large price surge in the previous 24 hours. Flare rose as much as 20% before experiencing profit-taking.

Flare experienced a significant spike on Jan. 15, shortly after the news of its major partnership emerged.

Flare has announced the addition of Google Cloud as an infrastructure provider, acting as both a network validator and contributor to the Flare Time Series Oracle (FTSO) on the Flare network. This implies that it will retrieve data from external sources and send it to the FTSO system, as well as offer Flare smart contracts with decentralized data feeds.

Presently, 100 organizations are adopting the new combined role of validator and contributor to the FTSO on Flare, supporting both the security of the Flare network and Flare's decentralized price oracle, the FTSO, with publicly available pricing data.

FLR subsequently produced a massive green candlestick on Jan. 15,  rising to highs of $0.0246 from lows of $0.017.

At the time of writing, Flare had given up all of its gains, only up 2% in the last 24 hours to $0.02.

According to CoinMarketCap data, Flare (FLR) trading volume has increased by 400% in the last 24 hours, hitting more than $110 million. This implies increased market activity and interest in the coin, as more investors purchase and sell FLR across exchanges and platforms.

This surge in trading interest may also have contributed to FLR's price increases over the last 24 hours.