Published on oktober 3, 2024, 12:22 am
Image source: Fox News
```json [ "TLDR: Fantom cryptocurrency has defied the market downtrend with a 71% price increase in the last month due to anticipation of a new token launch and mainnet upgrade. Recent surge saw FTM's price rise 5% over seven days, hitting $0.6850 on Oct. 2. The upcoming Sonic upgrade aims to boost network performance with features like a new Fantom Virtual Machine and optimized consensus mechanism. Trading volumes have surged by 450%, reflecting growing investor interest in Fantom's DeFi ecosystem along with increased total value locked (TVL).", "Disclaimer: This summary does not provide investment advice." ] ```
The Fantom cryptocurrency has been making waves in the crypto market as it defies the overall downtrend. Traders are eagerly anticipating a new token launch and mainnet upgrade, which have contributed to the recent surge in Fantom’s price.
FTM, the native token of the Fantom platform, has experienced a significant 5% increase over the past seven days, reaching $0.6850 on Oct. 2. This upswing is part of a broader rebound that started on Sept. 6 and has led to a remarkable 71% price increase over the last month.
Recent data from Cointelegraph Markets Pro and TradingView reveals that Fantom’s price rose from a low of $0.3574 on Sept. 6 to hit a four-month high of $0.7642 on Oct. 1, marking an impressive 103% growth during this period.
Trading activity has mirrored FTM’s price surge, with spot trading volumes surpassing $450 million on Oct. 1 – a 77% increase in the last week and around 450% rise in the last month. Fantom currently boasts a market capitalization of $9.7 million, securing its position as the world’s 46th largest cryptocurrency according to CoinMarketCap data.
Behind Fantom’s bullish momentum lies excitement within the community for the upcoming Sonic upgrade scheduled for November or December. The Sonic chain is expected to revolutionize network performance through innovations like a new Fantom Virtual Machine (FVM), optimized Lachesis consensus mechanism, and enhanced database storage capabilities.
Following this update, the Fantom blockchain is poised to handle over 2,000 transactions per second with finality times of approximately one second – a notable improvement from its current capacity of 30 TPS. In preparation for these changes, Sonic Labs was unveiled after rebranding from Fantom Foundation.
Moreover, there are plans to introduce a new token ticker $S different from FTM through various enhancements like streamlined staking processes and community distribution via an airdrop program.
Additionally, investor interest in Fantom’s decentralized finance ecosystem has resurged ahead of the planned upgrade with data showing an increasing total value locked (TVL) in DeFi applications hosted on the platform.
The rise in TVL reflects growing user engagement with Fantom’s blockchain evident by increased daily active addresses (DAAs) and daily transactions count.
This surge in network activity signifies rising demand for FTM token usage ultimately predicting potential significant price growth; however, it is essential to note that this article does not offer investment advice or recommendations.
Original article posted by Fox News
