The native token of the Fantom blockchain ecosystem has risen 13% in the past 24 hours. This growth is especially impressive against the backdrop of other cryptocurrencies’ not-so-successful attempts to climb out of the pit after the FTX crash. Here’s what FTM is and why it’s growing rapidly while others are suffering.
FTM is a native token that supports the Fantom blockchain ecosystem. In practice, it is used for staking, payments, and fees on the network, and allows holders to vote on decisions about the network’s future. A total of 3,175B coins are available at the time of writing, 2,545B of which are already in circulation.
The developers’ goal is to solve problems associated with smart contract platforms, especially the speed of transactions, which, according to Fantom’s representatives, was reduced to two seconds.
FTM has gained 32.49% in the last week, and at the time of writing is trading at $0.2401 with a market capitalization of $611M.
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According to one of the versions, the growth of the coin began after rumors about the possible return of legendary DeFi-developer André Cronje to the Fantom project were leaked online. On LinkedIn, the expert indicated that he works as “vice president of memes” at Fantom Foundation, and on Twitter, he referred to his account on Medium with a post about the company. The relevant information was discovered by crypto analyst Miles Deutscher.
In the article, Cronje pointed to Fantom’s positive cash flow and noted the company’s successful 3-year track record. Immediately after opening, Fantom raised $40M.
However, some influencers are confident that the expert didn’t actually go anywhere, but worked for the company throughout the year. Thus, if this is in fact true, the rise of the coin was triggered simply by a rumor. According to the user under the nickname Tree of Alpha, Cronje himself raised over $233K on this. If he purposely put a tag about working at Fantom, I guess that could be considered a dump of the coin outright.
According to another version, the growth of the cryptocurrency is due to the fact that digital assets management company Hyper Chain Capital (Singapore) decided to invest in Fantom and the development of a native token of $15M.
There is a chance that this is not the last investment in the company, as it has recently been considered one of the most innovative in the digital asset market. Fantom, as we mentioned above, deals with smart contracts and also specializes in providing secure and highly secure transactions and trading accounts without intermediaries.
Fantom also has a subsidiary called Hyperblocks, which uses validators to protect its own blockchain. Probably because of these and other metrics, Fantom has become the platform with the most users in the last week, surpassing market leaders such as Ethereum, Solana and Polygon.
Before we say how high FTM can rise, it is relevant to talk about its path. Like all cryptocurrencies, the coin has both fallen and risen many times, depending on market conditions:
Based on this data, as well as the popularity of Fantom recently, analysts at Cryptonewsz have made a forecast of the coin for the next four years. In their opinion:
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