Fantom: Is it possible that FTM's rally will be fueled solely by development?

Users of blockchain technology are known to be lured to any blockchain that offers a cheaper and faster option to the others. This is what Fantom, a high-performance, scalable, EVM-compatible, and secure smart-contract platform, aims to deliver.

In this perspective, it's worth noting that the Fantom Foundation has announced several noteworthy advancements in recent weeks.

There are several 'doings.'

The Fantom Foundation recently published a blog post that summarized all of Fantom's recent noteworthy advancements. The foundation announced the release of version 2 of its fWallet, which allows users to handle Fantom ecosystem currencies among other things. A few protocols have been added to the foundation's blockchain, according to the blog post. However, it's critical to determine if these changes have had an impact on the price of FTM.

The FTM token has increased by almost 2% in the previous 24 hours. The price was $1.07 at the time of writing, down from a high of $1.38 just over a month earlier. The price of the token has dropped by 69 percent since its all-time high of $3.48 in October. The cryptocurrency is ranked #43 on the list of top cryptocurrencies, with a market value of $2.73 billion. The token's market cap has continuously fallen by 15% during the previous 14 days.

The trading volume for the token has increased somewhat during the previous 14 days. Notably, FTM's trading volume increased by 6% during this time.

Within the previous 14 days, there has been a lot of negative movement on the price charts. The 50-day exponential moving average (EMA) remained above price levels, indicating a negative bias.

On the 17th and 18th of April, the Money Flow Index (MFI) reached a severely oversold level of 4.15, confirming this. The MFI was slightly over the 20 region at the time of publication.

Getting a Glimpse of the On-Chain

In the previous 14 days, the token's transaction volume has decreased. From a high of 25.28b on April 11 to a low of 21.36m on April 25, the token has lost 16 percent of its value. Furthermore, when the Daily On-Chain Transaction Volume in Profit was taken into account, it exhibited tremendous increase, with a Daily On-Chain Transaction Volume in Profit of 4.85 million on April 25. This was an increase of more than 80% above the 2.6 million reported 14 days prior. 

Similarly, the token's daily On-Chain Transaction Volume decreased by 15% in the same time period. Furthermore, with a market value of $2.73 billion, Fantom will need more than claims of being a faster and cheaper alternative to other blockchains to compete with Vitalik's Ethereum, which has a market capitalization of $361 billion.


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