An under-the-radar altcoin is surging in price this week as its associated network nears a long-delayed token giveaway.
Songbird (SGB), the “canary network” of Flare Network, is up more than 88% this week.
The 153rd-ranked crypto asset by market cap is trading at $0.0189 at time of writing.
“A canary network is an operational blockchain with a defined token supply that allows new features to be tested under production conditions, before they are deployed on the main network. This is in contrast to a testnet, which generally has an unlimited token supply.”
SGB’s huge gains come as Flare nears its long-awaited FLR token distribution on January 9th.
? 5 days until TDE.
— Flare ?? (@FlareNetworks) January 4, 2023
FLR will be distributed to XRP holders based on a snapshot of the network taken in late 2020.
The company previously said that each eligible holder will immediately receive 15% of their claimable Spark tokens, and then claim an average of 3% per month, carrying on for a minimum of 25 months and a maximum of 34 months.
Top US crypto exchange Coinbase announced last month that it would support the FLR airdrop. At least 55 other exchanges, including Binance, have also confirmed their intention to distribute FLR to their customers within 2 weeks of the airdrop.
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/VECTORY_NT
Generated Image: Midjourney