FLR has emerged as the leading gainer among the top 100 cryptocurrencies, witnessing a 21% rise in price within the past 24 hours, driven by positive developments within its ecosystem.

Flare (FLR) climbed from a low of $0.0149 to a high of $0.0178, eventually stabilizing around the $0.016 range when writing. This significant uptick solidified a 12% gain for the day and propelled the market capitalization of its circulating supply of 48.487 million tokens to approximately $819.2 million while most of the crypto market struggled as Wall Street traded deep in the red.

FLR’s price upswing coincides with an explosive increase in trading volume, which has soared by over 390%, translating to more than $30 million worth of the token exchanging hands. 

Strategic growth and technological integrations

The Flare Network has been actively broadening its technological and strategic footprint, which has contributed to its recent price performance.

Among key developments is the integration of Google Cloud earlier this year as an infrastructure provider—a partnership that significantly enhances the network’s data handling and validation capabilities, thereby elevating its standing in the blockchain ecosystem.

In an aggressive push to foster sustainable growth, Flare has committed to reinvesting 50% of its FLR token sales back into the ecosystem. This strategic reinvestment is earmarked for the enhancement of vital network functions, including lending protocols and decentralized exchanges, aiming to boost both the utility and intrinsic value of the FLR token.

Further, Flare has implemented a token burn policy, recently eliminating 66 million FLR tokens from the total supply. This adds to the bullish narrative, as reduced supply tends to increase scarcity and potentially drive up the token’s value.

Market sentiment

According to data from CoinMarketCap, the social sentiment around the token was largely bullish, with the majority of community members expecting the rally to continue.

Technical indicators, such as the Moving Average Convergence Divergence on the 1-day price chart, illustrate a bullish crossover—where the MACD line has crossed above the signal line, a pattern which typically means that the strength of the bullish trend is building.

However, the subdued histogram suggests that while momentum is building, it may not be strong enough for a major breakout yet.

The Relative Strength Index further corroborates this view, resting at 58.83—above the midpoint but below the overbought threshold, indicating a gentle but persistent uptrend.

Theta Labs has launched EdgeCloud for Mobile, allowing users to contribute their smartphones’ GPU power as nodes in its decentralized network and earn TFUEL tokens.

According to a press release shared with crypto.news, EdgeCloud for Mobile aims to harness the computing resources of the roughly 3.9 billion active Android devices worldwide to bolster its decentralized cloud computing network.

Theta EdgeCloud is a DePIN-powered hybrid cloud-edge computing platform that utilizes over 30,000 distributed nodes to offer scalable, cost-effective GPU computing resources. With smartphones becoming increasingly powerful and capable of handling complex computations, the platform aims to capitalize on these capabilities.

According to Mitch Liu, co-founder and CEO of Theta Labs, by allowing smartphones to become a part of its decentralized network of nodes, the platform would be able to “fundamentally transform the scale” at which it operates.

“By growing from 30,000 PC nodes to potentially millions of mobile devices, this move significantly boosts our network’s capabilities. Each device adds to our distributed GPU power,” Liu added.

These devices will assist with AI computations, like video object detection, by running small, parallel tasks. Theta Labs estimates that if a mere 30,000 Android devices contribute their GPU power for just eight hours a day, they can generate 240,000 hours of computational work in a single day.

The EdgeCloud mobile application, already available on the Google Play Store, gives users the flexibility to only share resources when the device is plugged in or connected to a wifi network, ensuring minimal battery drain and data usage while contributing to the network and generating passive income.

Users get TFUEL tokens, the native token of Theta Network, in exchange for committing their resources. At press time, the altcoin was up 98.8% over the past year.

The application will support any Android phone or tablet manufactured after 2020, with no geographic restrictions.

As previously reported by crypto.news, Theta EdgeCloud has already secured several partners in academia that utilize the platform’s resources for advanced AI research across fields like media, healthcare, bioinformatics, and finance. The latest to tap into the DePIN-powered network was the Seoul Women’s University.