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Highlights
- Pro-XRP lawyer John Deaton expressed his support for Flare Networks by calling it a 'sleeping giant'.
- SparkDEX, hosted by Flare Network, has opened a perpetual futures market for TRUMP/USD.
- FLR price jumped more than 2% in the last 24 hours while witnessing a weekly gain of 19%.
Pro-XRP lawyer John Deaton has expressed a positive outlook on Flare Networks by calling it a “sleeping giant.” This comes after SparkDEX, hosted by Flare Networks, announced the launch of a perpetual futures market for the TRUMP/USD pair. FLR prices have soared by over 19% in the last 7 days in response to both developments.
John Deaton Backs Flare Networks
Pro-XRP lawyer John Deaton has backed Flare Networks, calling it a ‘sleeping giant’ in an X post. He added that Hugo Philion, the Co-Founder of Flare Networks, and his team keep their heads down and build to expand the ecosystem. However, Bill Morgan, a pro-crypto attorney, has said that some may emphasize ‘sleeping’, possibly hinting that Flare Networks is yet to explore its complete potential.
John Deaton said this in response to a post that was published by an X user, Anne Marie Jackson, who stated that she does not see any viable competition for Flare Networks. Anne further underlined that Chainlink does come up as a viable oracle but it is not embedded in security and is also not decentralized.
Interestingly, John Deaton earlier highlighted that the Biden Administration has unfairly attacked the crypto industry. He then added that that’s precisely what brought the community together to fight for the survival of the crypto industry.
Key Development on Flare Networks
Against the backdrop, a key development on Flare Networks has come to light where SparkDEX has opened a perpetual futures market for TRUMP/USD. SparkDEX, hosted by Flare Networks as a key member of its ecosystem, has officially enabled its users to access shorting and leverage functionality for the pair. Thereby, allowing traders to bet against the asset price and amplify their market exposure with better control of larger positions with less capital.
That said, SparkDEX has highlighted that there are risks associated with the TRUMP/USD perpetual futures market. Traders must have an understanding of leverage, funding rate, and risk management for an effective perpetual futures market experience. Small adverse price movements, as per the post, can force investors to liquidate or make a quick margin call. Nevertheless, the TRUMP/USD perpetual futures market stands to magnify losses and profits as per the market condition.
This development by SparkDEX adds to the recent announcement by Coinbase to support TRUMP meme coin. The support will be extended by classifying the TRUMP meme coin under the ‘Experimental’ category due to high volatility and high trading volumes. Most recently, Binance announced support for TRUMP meme coin by expanding its trade offerings.
FLR Price Soars
Another bullish development for Flare Networks is a surge in FLR price. It is up by 2.31% in the last 24 hours, exchanging hands at $0.02852. This also reflects a surge of 19.02% in the last 7 days and 5.85% in the last 30 days. The 24-hour trading volume, according to CoinMarketCap, has plummeted by 10.36%. Overall sentiments for FLR are bullish with the same reflected in the FGI score of 76 points, as highlighted by CoinCodex.
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