Fantom‘s story is rather like that of Solana, a lesser identified token. Its latest rally introduced it to everybody’s consideration. Past that, the coin has additionally made a mark within the DeFi area.
Nevertheless, its latest improvement, it’s price pondering over whether or not Fantom is shedding steam or about to move in one other path.
Is Fantom turning right into a phantom?
Despite the fact that FTM not too long ago took over Polygon to develop into the seventh-largest DeFi chain, its efficiency within the spot market hasn’t been up to speed.
All through October the market has seen fixed promoting which is verified by the rising volumes of provide on exchanges. This promoting was primarily led by whales who on a median have been conducting transactions price $20-30 million even peaking at $53 million at one level. Normally, these figures don’t even cross $1 million.
Fantom whales motion | Supply: Santiment – AMBCrypto
Secondly, because of the lack of switch of FTM on-chain, because the common time FTM is held is round 8 months, the community’s velocity has additionally come down.
Nevertheless, as a result of the community has had a sudden rise of merchants (short-term holders), the transaction stats have instantly shot up.
Fantom transactions | Supply: Intotheblock – AMBCrypto
This has additionally led to a discount within the mid-term holders’ domination which is down by 20% in 3 months.
Fantom addresses distribution | Supply: Intotheblock – AMBCrypto
The opposite aspect
it from a unique point-of-view, all these above components additionally corroborate a optimistic outlook. Firstly, whale motion and excessive transaction stats point out that the community is changing into extra energetic. Secondly, participation is growing as extra merchants’ numbers are growing. In flip, community development can also be growing.
Fantom community development | Supply: Santiment – AMBCrypto
The coin could already be down by 17% within the final 72 hours, nevertheless it additionally has the 1874% rise of the previous two months to again it.
Fantom value motion | Supply: TradingView – AMBCrypto
Plus its latest integration of Q3Swap and the announcement of JustLiquidity’s upcoming Visa Card which would come with solely BTC, ETH, USD, and FTM, and not too long ago 0x mission which crossed $100 billion in all-time quantity additionally went dwell on Polygon. These are all mainly a driving power for attracting extra individuals onto the community.