Fantom (FTM) Spikes Over 16% Today, Here’s Why

Paigambar Mohan Raj
Source: Zipmex

Fantom (FTM) has rallied by 16.9% in the last 24 hours, and by 26.7% over the weekly charts. Not only that, but tokens based on the Fantom network have also made significant gains. SCREAM has rallied by over 400% in the 30-day chart.

SCREAM, Source: CoinGecko

On the other hand, GAINS has rallied by 31.9% over the last week.

GAINS, Source: Coingecko

FTM is currently the best performer in the 24-hour chart and the fifth-best performer in the weekly chart.

So whats pushing Fantom?

Fantom’s rally comes hot on the heels of Andre Cronje‘s blog about how the firm has managed to stay cash flow positive over the years. Cronje served as the former Technical Advisor and Chair of the Technology Council at the firm.

Fantom presently holds more than 450 million FTM, $100 million in stablecoins, $100 million in crypto assets, and half that amount in non-crypto assets, according to Cronje’s post. The developer claimed that the project’s $7 million annual salary will enable them to run unimpeded for an additional 30 years without ever touching the FTM holdings. Fantom is currently making roughly $10 million a year.

Cronje also said that 81.5 million FTM were sold to the controversial firm Alameda Research in February 2021.

Nonetheless, Fantom’s financials were impressive for investors and users, who then rushed into the project in swarms.

Will the rally continue?

The current trend does seem to elevate altcoins over Bitcoin (BTC) or Ethereum (ETH). Moreover, with projects like Solana (SOL) taking a hit, due to the FTX contagion, investors are most likely looking for alternatives.

However, whether the FTM rally will continue is hard to say. The larger financial picture is still pretty gloomy, and there is still a lot of uncertainty looming overhead. The US Federal Reserve will most likely increase interest rates once again in the coming month, and that could lead to a dip in prices once again.

Regardless, Fantom is working on a Fantom Virtual Machine (FVM), similar to Ethereum’s virtual machine. The project has a lot of people excited and might give an additional boost to the coin. But we do not have a launch date as of yet.

At press time, FTM was trading at $0.216337, down by 0.3% in the last hour.