Why is Flamingo (FLM) crypto trending?

June 13, 2022 07:10 PM AEST | By Manu Shankar
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  • Decentralised finance platform Flamingo crypto coin operates on Neo blockchain and the Poly Network interoperability protocol.
  • Flamingo crypto on 13 June witnessed a flash crash as it was down by 20.09% at 5:00 AM (GMT +1).
  • Flamingo crypto was trading at US$0.124577 with a trading volume of US$61,55,86,256 over a day at 6:30 AM (GMT +1), according to CoinMarketCap.

It's an amazing reversal of fortunes for the 394-ranked Flamingo (FLM) crypto. After steadily rising for more than 14 days, Flamingo crypto witnessed a flash crash as it was down by 20.09% on 13 June at 6:30 AM (GMT +1).

Flamingo (FLM) crypto over the past 30 days was witnessing a rally of over 22%, with many of the market participants expecting the bull run to last for a while. But on 13 June, the bull run went bust when the FLM crypto dipped on Monday. 

The DeFi platform is powered by the Neo blockchain and the Poly Network interoperability protocol. Flamingo crypto utilises multiple DeFi applications such as a cross-blockchain asset gateway, a swapping liquidity pool, vault, etc., thereby offering the users an array of opportunities to choose from while trading.  

Related read: What makes KubeCoin (KUBE) a revolutionary token? 

What do FLM crypto's indicators say? 

If one were to look at the chart, the momentum, which seemed to get stronger, on Monday took a hit with its MACD, indicating it is leveling up after its run. Though the MACD line is still significantly apart from the signal line, it will take a few more days before the latter can catch up with the prior. 

 Image credit: Trading view

The RSI, on the other hand, tells a different story. The RSI, which had reached the oversold position at 88.27, suddenly dipped on Monday and was at 51.31 during the intraday trading session. The sudden fall seems to indicate investors overnight have started to sell their assets to make the most of their gains.  

The immediate flash crash seems primary due to the massive sell-off over the weekend amid heightened inflation fears, reducing the global crypto market to US$1.04 trillion on 13 June. Several experts also believe that the crypto plunge is a sign of investors' falling risk appetite. 

Flamingo offers capital efficiency by considering factors such as liquidity pool and a collateral pool. FLM crypto recently released SOMNIUMWAVE Reverse Pool, allowing users to stake FLM tokens on 10 June. The new token does not pay for staking rewards. Instead, the new FLM-SOM reverse pool will pay rewards in SOM tokens.

Related read: Why Ropsten test success is crucial for Ethereum?

SOMNIUMWAVE is primarily a multiplayer blockchain game aimed at rewarding the users for SOM NFTs and interacting with other players of the metaverse.

How is the price faring? 

Flamingo crypto was trading at US$0.124577 with a trading volume of US$61,55,86,256 over a day at 6:30 AM (GMT +1), according to CoinMarketCap. The FML crypto had a live market cap of US$3,89,03,491 with 31,22,84,062 FLM coins. 

Despite the price dip, the FLM crypto, however, witnessed a healthy rally of over 776% in the past 24 hours.

FLM crypto rally and dip showcase the general sentiments and the volatility of crypto markets. Therefore, during this phase, investors and market participants must do their market research and ensure they take their investment decision carefully. 

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