What is Songbird crypto and why is it gaining traction?

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What is Songbird crypto and why is it gaining traction?

songbird crypto
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Highlights

  • The native tokens of the Flare network are Songbird and Spark (FLR).
  • The Songbird crypto has a total supply of 16.01 billion, and its self-reported circulating supply is 9.99 billion.
  • Songbird crypto ranks 2,983 out of 19,583 cryptocurrencies worldwide, as per CoinMarketCap.

After rising for a brief period on May 25, the cryptocurrency market declined again and sent the prices of almost all the virtual currencies in a negative zone.

According to CoinMarketCap data, the crypto market cap was down by 1.7 per cent to US$ 1.27 trillion. Meanwhile, the total crypto volume declined by about five per cent to US$ 68.98 billion.

As of writing, the prices of Bitcoin and Ethereum were down by 1% and 3.1%. Amid the crashing market, the rise in price and volume of Songbird crypto has caught the attention of crypto market enthusiasts.

Also Read: What is LockPay and is it a pump and dump scheme?

The Songbird (SGB) crypto jumped 12.6 per cent over the previous day to US$ 0.03741 per token at 2 AM EST. Also, the 24-hour volume increased by 147 per cent to approximately US$ 1.8 million.

What is Songbird crypto?

Flare is a novel Layer-1 blockchain that allows for universal interoperability between chains, allowing all digital assets and onchain data to flow freely. This is cross-chain interoperability with multi-chain security.

The native tokens of the Flare network are Songbird and Spark (FLR). Flare was built for multiple chains through a single deployment and claims that developers can create truly interoperable decentralized applications (dApp) for accessing the value and information of different chains.

Flare comes with an industry standard Ethereum Virtual Machine (EVM), allowing straightforward ETH tool migration and simple Solidity scripting. Any existing EVM dApp may be quickly and easily ported to Flare.

In 2021, Flare introduced a canary network, a working blockchain with a limited token supply to test features for a related main net. Notably, Songbird is Flare's canary network.

Songbird crypto

Bottom line

Songbird crypto ranks 2,983 out of 19,583 cryptocurrencies worldwide, as per CoinMarketCap. The sudden surge in the price and volume of the SGB crypto shouldn't be the only factor for purchasing the cryptocurrency, as we don't know why it is gaining traction.

Songbird has no significant development announcement, and potential investors must be careful before investing.

The Songbird crypto has a total supply of 16.01 billion, and its self-reported circulating supply is 9.99 billion. It is available for buying, selling, and exchanging on crypto exchanges like Gate.io, MEXC, Kraken, and DigiFinex.

Also Read: What is AgeOfGods (AOG) crypto and why its volume soared 1200%?

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After rising for a brief period on May 25, the cryptocurrency market declined again and sent the prices of almost all the virtual currencies in a negative zone.

According to CoinMarketCap data, the crypto market cap was down by 1.7 per cent to US$ 1.27 trillion. Meanwhile, the total crypto volume declined by about five per cent to US$ 68.98 billion.

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