Fantom (FTM), the native token of the Fantom blockchain, has soared more than 31% in the last 24 hours.
Fantom (FTM), the native token of the Fantom blockchain, has soared more than 31% in the last 24 hours.
The price increase follows a period of decline and consolidation, during which FTM fell approximately 80% from highs of $0.566 on December 26, 2023.
FTM began a modest recovery from a low of $0.30 on January 23, although still consolidating. On March 3, the price broke out of the range, surpassing the previous barrier of $0.56. After three days of gains, Fantom soared to an intraday high of $0.748 on Monday before pulling back.
At the time of writing, FTM was up 28.29% in the last 24 hours to $0.658. The token has also gained 59% in the last seven days.
What are the reasons for FTM’s return?
As reported, the cryptocurrency market recorded over $48.54 billion in capital inflows, the largest since October 2021. Bitcoin inched closer to its all-time high, reaching $65,614 during the trading session. today’s negotiation. Other tokens, known as altcoins, also rose in response to Bitcoin’s rally.
Fantom also experienced inflows when whales made significant purchases. According SpotOnChainone whale bought 4.71 million FTM at about $0.57 per coin, for a total of $2.69 million, via Gemini and Airswap over the past two days, and even made FTM purchases in the last few hours.
The Fantom network has seen further improvements and developments. Fantom’s main effort in Q4 ’23 was the Fantom Sonic upgrade, which attempts to improve network scalability. Ultimately, Fantom Sonic seeks to make Fantom one of the best-performing monolithic blockchains by increasing transactions per second (TPS), reducing storage costs, and maintaining a near-second time to completion (TTF).
Through the remainder of 2024, Fantom Sonic is projected to play an important role in Fantom’s continued expansion. In addition to the aforementioned Fantom Sonic update, initiatives like the Ecosystem Vault and the Gas Monetization Program helped developers and users stay engaged in the network.
