Pro-XRP lawyer John Deaton has recently expressed a positive outlook on Flare Networks, calling it a “sleeping giant” with massive untapped potential. His remarks come as Flare’s SparkDEX launched a new perpetual futures market for the TRUMP/USD pair, propelling the network’s native token, FLR, to a notable price surge. Over the past week, FLR has soared by over 19%, reflecting growing optimism surrounding the network’s developments.
Deaton’s support for Flare Networks highlights the ecosystem’s quiet yet impactful growth. He praised Hugo Philion, Flare’s Co-Founder, for keeping a low profile while steadily expanding the platform. His comment followed an insightful post by Anne Marie Jackson, who argued that Flare Networks has few competitors in the space, particularly pointing out that while Chainlink is a strong oracle, it doesn’t offer the same level of decentralization or security as Flare. Deaton has previously criticized the Biden Administration’s stance on cryptocurrency, emphasizing how such challenges have united the community.
@FlareNetworks could very well be a sleeping giant within the industry. @HugoPhilion and team seem to keep their head down and build. https://t.co/kIE0ow6oZI
— John E Deaton (@JohnEDeaton1) January 21, 2025
The key catalyst driving the recent surge is the launch of the perpetual futures market for TRUMP/USD on SparkDEX, a decentralized exchange under the Flare umbrella. The market allows traders to leverage positions, amplifying exposure with less capital. However, SparkDEX has cautioned traders about the risks associated with leveraging, emphasizing the need for careful risk management. Small price fluctuations can trigger liquidations or margin calls, making it essential for participants to fully understand leverage dynamics.
This development aligns with broader recognition of the TRUMP meme coin, which has garnered significant attention from platforms like Coinbase and Binance, both of which recently announced support. Coinbase categorized TRUMP as ‘experimental,’ reflecting its high volatility and trading volumes.
Also Read: XRP Price Surge: Analyst Ali Martinez Predicts $4.40 Target as Bullish Momentum Builds
As for FLR, its price surge has been a welcome signal for the community. Trading at $0.02852, FLR has experienced a 19% increase over the past week, with a 76-point Fear and Greed Index reflecting a bullish sentiment. This combination of strong backing, key developments, and bullish price action solidifies Flare Networks’ position as an emerging force in the crypto space.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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