Recently, Fantom, Ethereum‘s rival in the Layer-1 scene, has gained attention with its native token, FTM, experiencing a significant price increase and surpassing $1. The trading volume for Fantom’s token has skyrocketed by 100% to reach $613 million daily. Additionally, FTM has seen a weekly growth of 15%.
The price of Fantom (FTM) has risen dramatically in recent times due to significant advancements within its ecosystem. The Fantom network is preparing for the Sonic upgrade, which will move the network from test mode to live mode and increase its transaction processing speed up to 2,000 transactions per second (TPS). Additionally, transaction confirmation will take only 1.1 seconds after this upgrade.
Additionally, the Fantom Sonic mainnet will enhance the current Opera mainnet, capable of handling only 3.2 transactions per second. A significant advancement is the recent introduction of Fantom’s native USDC.e stablecoin, directly linked to Circle’s USDC on Ethereum. This new stablecoin enables seamless usage of USDC within the Fantom network.
A third-party stablecoin called USDC.e is introduced by Fantom or Wormhole in the USDC ecosystem. This USDC.e can be exchanged for Circle’s USDC, which in turn can be redeemed for actual US dollars. If USDC.e gains a significant user base, supply, and dApp adoption, there’s a possibility that ownership of the USDC.e token contract will be transferred from Fantom/Wormhole to Circle.
Boosting Fantom’s Meme Coin Ecosystem
Andres Cronje, the chief developer of Fantom, is proactively contributing to the development of Fantom’s meme coin sector in light of current industry excitement. In a recent blog entry, he extended an invitation to developers to introduce their meme coins on the Fantom blockchain.
This plan aims to set aside a maximum of ten percent of the tokens for marketing costs, another five percent for the meme group, and the rest, which is eighty-five percent, in an FTM/token Liquidity Pool managed by the foundation’s multi-signature account.
The Fantom (FTM) price is trending upward in the short term and rebounded following its contact with the EMA55. This indicates that despite the recent price drop in late March and early April, the FTM price is expected to continue growing.
Photo: TradingView
If the price of Fantom (FTM) is to sustain its upward trend, it’s crucial that it maintains a strong position above the $1 mark. Should FTM successfully preserve this momentum, there’s potential for an additional 30% increase, bringing the price up to approximately $1.30. Conversely, if bears regain control, Fantom’s price may begin trading sideways and could potentially drop back down to around $0.90. Its initial support level is at $0.80.
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2024-04-10 16:00