The XRP community once touted Flare as a life-changing opportunity, but despite a 96% drop from its price in January, investors remain highly optimistic.
The Flare token (FLR) has plummeted 96% from the price of $0.4711 it opened January with. Recall that the token’s initial airdrop distribution occurred in January 2023, compounding excitement among XRP holders. However, despite the 96% decline, investors remain optimistic about its prospects.
CryptoBull, a prominent XRP community figure, recently drew attention to the abysmal performance of the token since the start of the year.
Flare Token 12 months candle. The token that was supposed to make the #XRP community wealthy ? pic.twitter.com/9Sr61zdoGx
— CryptoBull (@CryptoBull2020) July 30, 2023
Highlighting a discouraging red candlestick on a 12-month chart, CryptoBull called attention to the fact that the FLR airdrop was positioned as an opportunity for the XRP community to get rich. In hindsight, the influencer scoffed at the narrative which had dominated the XRP community then.
Notably, the first phase of the FLR airdrop occurred on January 9, although some exchanges implemented it on later dates. The asset opened January with a value of $0.4711. However, following immense selling pressure triggered by recipients of the airdrop, FLR closed January with a 90% drop.
FLR went on to register subsequent declines in the next five months, unable to leverage any of the periodic market-wide recovery campaigns. June was its second-worst month this year, as it closed with a 36.57% decline, plummeting to a record low of $0.0147.
“Remember when the XRP community was told we would all get rich from the Flare Token? Good times,” CryptoBulls remarked sarcastically in a previous time, citing the discouraging performance over the past six months.
XRP Community Remains Optimistic
However, this unfavorable reality has not impacted the confidence of some XRP investors. As a result, CryptoBull’s comment has elicited varied reactions.
Highlighting the unpredictable nature of the crypto market, the Flare Community Twitter handle responded:
“Who ever told you a particular asset was going to be a certain price was lying, no one knows what price and asset will be because no one can predict the future.”
Who ever told you a particular asset was going to be a certain price was lying, no one knows what price and asset will be because no one can predict the future.
— Flare Community ☀️ (@CommunityFlare) July 31, 2023
Moreover, some proponents advocated for patience, as some investments take an elongated period before registering massive ROIs. Others expressed their unwavering belief that the Flare token could still make them wealthy.
Notably, FLR wants to break its monthly losing streak with a meager appreciation this month. Following the favorable ruling in the XRP case, FLR rose by 5.92% and has since registered periodic surges. The token is currently 3.86% up this month.
It bears mentioning that the next Flare airdrop, dubbed “FlareDrop.06,” is scheduled for August 14. The drop is for investors holding wrapped Flare (WFLR) tokens between July 22 and August 14. The WFLR token gives users governance voting capabilities.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
