The announcement of the 45 million Spark tokens to XRP holders have caused the value of the cryptocurrency to skyrocket. Flare Network announced on airdropping its Spark tokens to users. Holders of XRP rushed to pump up their bags as traders brought the Ripple cryptocurrency to qualify for the airdrop. The final distribution of the tokens will be based on the XRP addresses made on December 12, 2020.
Spark Token Airdrop Pumps XRP Value
Blockchain startup Flare Network recently distributed its Spark token airdrop that caused the price of the cryptocurrency to go on frenzy at its highest level since September 2018.
Flare Network might just be the key to seeing a proliferation of issued currencies. Especially *trustless* issued currencies—and combined with pathfinding features of the XRP Ledger, there’s so much potential.
— Matthew Rosendin (@mattrosendin) November 22, 2020
The airdrop is already available to a number of popular cryptocurrency exchanges such as Bithumb, Bitstamp, Coinfiedl, Coinone, Upbit, Crypto.com, Youholder, and more. However Ripple-related accounts or any crypto exchanges that do not support the airdrop will be excluded from the project.
The blockchain project’s Spark Token is an XRP utility fork based on supply and demand. The total supply of the brand new token is 100 billion. Estimates suggest that the token price will start from $0.01.
Flare is a smart contract platform based on the Flare Consensus Protocol. The blockchain-based network integrates Ethereum’s Virtual Machine while running Ethereum’s decentralized apps within the XRP ecosystem.
Crypto Pump and Dump Frenzy
Ripple’s XRP cryptocurrency gained over 6% on a daily basis and an increase of 110% within a week. On Nov. 24 the cryptocurrency had hit its multi-year high at $0.7824. Although it could not last long as traders started cashing out their profits.
Meanwhile, data from XRPScan indicates that new accounts created on XRP Ledger have increased from 1,300 to 8,000 in just less than two days alone. Usually in any event of a new airdrop, the crypto market often pumps the price of the token. However, this is usually followed by a dump once the airdrop frenzy is over.
XRP is the third-largest digital asset with a current market valuation of $29.3 billion and an average daily trading volume of $32 billion.