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Our analysis of the situation
If 2022/2023 crypto bear market woes had you longing for a glimmer of hope, Fantom (FTM) holders know exactly how you feel. In just four weeks, this Ethereum-rival has skyrocketed over 200 percent, perching at the impressive $1.21 mark during Friday's New York session.
But what's driving this meteoric rise? Buckle up, because we're about to take a closer look at why Fantom (FTM) is the talk of the town right now.
The Fantom Network: Fueling the Frenzy
Forget the noise of meme coins; the Fantom network is drawing the spotlight for all the right reasons. Its lightning-fast finality and thriving Web 3.0 ecosystem have become magnets for cryptocurrency traders, propelling its daily trading volume to over $1 billion.
With a fully diluted valuation of $3.78 billion, the Fantom network is leaving no room for doubt about its potential for further gains in the foreseeable future.
But wait, it gets better. The Fantom network has flexed its muscles as a force to be reckoned with by seeing its total value locked (TVL) and stablecoin hub soar to the tune of $153 million and $503 million, respectively.
Game-Changing Sonic Mainnet Upgrade on the Horizon
As the Fantom network gears up to unveil its Sonic mainnet, brace yourself for a game-changing transformation. This upgrade is projected to supercharge network throughput, slash transaction fees, and pave the way for mass adoption of smart contracts.
The testnet showcased jaw-dropping performance statistics, including a blistering 10,000 transactions per second (TPS) at a mere 1.6 seconds time to finality (TTF). Not to mention, a whopping 90 percent reduction in network storage requirements, allowing Fantom to go toe-to-toe with heavyweights like Solana, Ethereum, and Cardano.
Price Predictions: Buckle Up for the Ride
As it continues to dazzle, FTM's price trajectory is being closely monitored by analysts, with predictions pointing towards a tantalizing $1.44 in the near term. The weekly Relative Strength Index (RSI) has also broken the 70 level barrier for the first time since the 2021 crypto bull run, hinting at further upward potential.
Yet, the road ahead may witness some twists and turns, with price corrections potentially looming below the $1 mark. However, amidst the volatility, one thing remains crystal-clear: Fantom (FTM) is a force to reckon with in a league of its own.
So, are you ready to dive into the phenomenon that is Fantom? The Ethereum-rival is not only outshining meme coins but is dynamically shaping the narrative of what's next in the crypto-sphere. Keep your eyes peeled, because the Fantom network is just getting started.
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
Image(s) are provided by Unsplash or other free sources. They are illustrative and may not represent the content truly.
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