Flayer, NFTX surge over 200%: What’s driving the uptick?

Flayer and NFTX are experiencing a remarkable surge in price as both meme coins are up over 234% at last check Saturday.

NFTX, the decentralized protocol aiming to create liquidity for non-fungible tokens (NFTs), has drawn attention across the crypto and NFT spaces.

And while not much is known about Flayer, we do know that today marks the first that the coin is listed on LBank, a global cryptocurrency exchange.

Flay

At the time of writing, Flayer (FLAY) was up about 240%.

Source: CoinGecko

FLAY supports protocols built by Flayer Labs, a technology company that specializes in blockchain, decentralized finance (DeFi), and Web3 development.

The Flaunch protocol is a meme coin launcher based on Base architecture and supported by Uniswap V4, the latest version of the decentralized exchange (DEX) protocol.

Notably, FLAY holders can flip a fee switch to receive 10% of the transaction fee for the protocol. Holders also have access to the FLAY on-chain governance, according to LBank.

NFTX

The primary driver behind NFTX’s (NFTX) price surge appears to be an uptick in the non-fungible token (NFT) market.

In recent weeks, the NFT market has seen a resurgence in demand for high-profile collections, and NFTX’s unique offering—allowing users to pool and trade tokenized versions of NFTs—has gained increased adoption.

The recent market movement has attracted both institutional and retail investors looking for ways to gain exposure to NFTs without needing to purchase individual tokens, which can often be illiquid or prohibitively expensive.

Here’s how NFTX is currently trading:

Source:CoinGecko

Additionally, NFTX has made strides in expanding its DeFi partnerships, integrating its liquidity pools with major platforms like Uniswap and Sushiswap, further enhancing its utility.

NFTX’s price jump also aligns with the broader trend of institutional players moving into the NFT space. With large players like hedge funds and VC firms beginning to take NFTs more seriously, the market for NFT liquidity is seemingly maturing.