The world of altcoins has another big performer of 2021 as Flexa AMP, a cryptocurrency payment network has risen more than 1700% in the last few months of 2021 alone. The cryptocurrency’s recent listing on Coinbase also accelerated its price appreciation in recent days. The skyrocketing price index has allowed it to become the top performing altcoin in the market.
Flexa AMP recorded a maximum worth of around $0.12 according to cryptocurrency price reporting websites like TradingView. It has currently come down a little to around $0.098 at press time but it may be back soon. AMP aims to become the industry standard for collateralised assets and their transactions. This is a big ask for any platform to deliver because the space is crowded with more established players. However, the platform is currently in principle partnership with Shopify, one of the largest e-commerce giants in the world and looking for a real-life use case.
Created by Flexa initially as Flexacoin (FXC), the coin’s name was changed to AMP last year and a thorough redesign was initiated. It seemed like the rebranding worked as the cryptocurrency rose from a $0.006 start of 2021 to now all-time highs of around $0.12. Since its main investor is Shopify the Canadian e-commerce giant, it seems like their fates are intertwined. When Shopify announced that it would expand its payment feature to major social media platforms like Facebook and Search engine Google, the share price rose quickly and with it, AMP itself too.
Another previous price uptick experienced by AMP was last month when Major US retailer Sheetz revealed that it was allowing cryptocurrency payments on its portal in partnership with Flexa, the parent company of AMP.
According to Tyler Spalding, the co-founder and CEO of Flexa:
Since launching Flexa just over two years ago as the first ever digital currency payment option for brick-and-mortar retail, we’ve scaled to support more than 41,000 merchant locations across the US,”
While such a meteoric rise among altcoins is nothing new as we have seen several other examples during this timeframe rise fast but then fall as well. They include Theta (THETA), Solana (SOL), Shiba INu (SHIBA), Filecoin (FLE), Pancake Swap (CAKE) and others. But, AMP might have something that others don’t and that is a real-life use case with increasing acceptance. So, while investors should treat the new altcoin with caution, there is some optimism surrounding this new cryptocurrency for sure.
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