Used as a fluorescent probe in biochemical and analytical applications due to its strong emission properties in lipid environments. It is particularly effective in membrane studies, where it integrates into lipid bilayers and reports on membrane fluidity and phase changes. Its fluorescence intensity and wavelength shift in response to environmental polarity make it useful for monitoring lipid raft formation and membrane dynamics in live cells. Also employed in the development of sensors for detecting hydrophobic molecules and in studies of protein-lipid interactions.