FLR rate plummets by 49% after token distribution to XRP holders on Binance

Tokens were distributed at a ratio of 1 XRP = 0,1511 FLR

10.01.2023 - 12:00

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What’s new? On January 10, the Binance cryptocurrency exchange completed the airdrop distribution of Flare (FLR) tokens to holders of Ripple( XRP). Users can check the receipt of tokens on the distribution page in the “Transaction History” section, according to the official blog of the exchange. Meanwhile, FLR’s price has fallen by 49,36% in the past 24 hours to $0,04036 as of 12:00 UTC.

Announcement on the Binance blog

Flare is a Layer 1 (L1) blockchain based on Ethereum Virtual Machine (EVM) that supports smart contracts and allows the development of applications that are compatible with various blockchains.

What else is known? Flare tokens (FLR) have been distributed at a ratio of 1 XRP = 0,1511 FLR. The blockchain snapshot was taken on December 12, 2020, at 00:00 UTC. It includes XRP balances in spot wallets, savings accounts, and Coin-Margined Futures wallets. Users who took XRP through the use of margin or crypto loans, or who made transfers from such instruments, were excluded from the distribution. In addition, customers had to have at least 10 XRP in their accounts to receive FLR.

The blog notes that individuals and entities from the United States and sanctioned countries were not eligible to participate in the airdrop. In addition, users can only withdraw FLR from Binance, the deposit feature is currently not available.

Earlier, analyst Ren & Heinrich conducted a study on the impact of the Binance listing on the future price of tokens. According to his findings, on the first day after listing on the platform, the value of assets increases by an average of 41%, but after 22 days, the rate begins to decline.

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