Crypto exchange Binance.US has announced the successful distribution of the highly anticipated Flare token (FLR) airdrop to eligible XRP holders. This news has brought excitement to the XRP community members in the United States, as they can now view their FLR balance by visiting their wallet.
The distribution was specifically targeted towards users who had a minimum balance of 10 XRP in their Binance.US account at the time of the snapshot on December 12, 2020. These eligible users were allotted 15% of their claimable FLR tokens on October 25, following a distribution ratio of 0.1511 FLR per XRP.
Read Also: Flare Founder Highlights How XRP Lawsuit Impedes Ripple Products Development
With this announcement, Binance.US has enabled users to withdraw their FLR tokens. However, it is important to note that the exchange currently does not support deposits or trading activities for FLR.
The decision on whether to support the buying, selling, or trading of FLR on the platform is still pending, and Binance.US has emphasized that supporting the airdrop does not automatically guarantee the listing of FLR.
Since the completion of the Flare token airdrop, the price of FLR has experienced a notable surge of 3% in the past 24 hours. However, the trading volume for the token has seen a decline. At the time of writing, FLR is trading at $0.0096.
The decrease in trading volume can likely be attributed to multiple factors. Firstly, many users are still in the process of waiting to withdraw their FLR tokens from Binance.US and other exchanges. Secondly, there may be a sense of caution among users regarding trading FLR due to the uncertainty surrounding its future listing on Binance.US.
Read Also: Flare (FLR) Announces New Batch of Airdrop Available to Claim for XRP Holders: Details
The completion of the Flare token airdrop by Binance.US marks a significant milestone for the Flare Network project and the XRP community. The Flare token (FLR) is expected to play a vital role within the Flare Network ecosystem, enhancing functionality and utility.
As users begin to navigate the withdrawal process and make decisions regarding trading FLR, the evolution of the token’s price and trading volume will be closely watched. It remains to be seen how the market will respond to the airdrop completion, as well as the eventual decision by Binance.US regarding support for FLR trading on its trading platform.
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