Fantom (FTM) Price Surges Past $1 on USDC.e Stablecoin Launch and Meme Coin Embrace
The cryptocurrency market has been abuzz with news of Fantom (FTM) registering a strong price surge, moving past the $1 mark. The native token of Ethereum’s Layer-1 competitor, Fantom, has seen a significant increase in daily trading volume, surging by 100% to reach $613 million. This surge in price comes amidst key developments within the Fantom ecosystem.
One of the major developments driving the price surge is the upcoming Sonic upgrade on the Fantom network. This upgrade will transition the network from testnet to mainnet, significantly boosting transaction processing speed to 2,000 transactions per second (TPS) with transaction finality as low as 1.1 seconds. The current Opera mainnet, in comparison, has a transaction throughput of 3.2 transactions per second.
Additionally, Fantom recently launched its own USDC.e stablecoin, bridged from Circle’s USDC on Ethereum. This stablecoin provides a convenient way for users to leverage the USDC stablecoin within the Fantom ecosystem. Users can redeem their USDC.e against Circle’s USDC and further redeem it for real USD. Fantom has clarified that as USDC.e gains adoption and dApp integrations, ownership of the token contract may be transferred to Circle.
Furthermore, Fantom’s lead developer, Andre Cronje, has been actively working to boost Fantom’s meme coin ecosystem. In a recent blog post, Cronje invited developers to launch their meme coins on the Fantom blockchain, allocating a portion of tokens for marketing expenses and support for the meme team.
In terms of price outlook, the Fantom (FTM) price seems to be on a bullish trajectory, bouncing back after touching the EMA55. If FTM can hold above $1, it could potentially rally another 30% to reach $1.30. However, a bearish scenario could see the price trading sideways and retreating to $0.90, with support at $0.80.
Overall, the recent surge in the Fantom (FTM) price can be attributed to key developments within the ecosystem, including the upcoming Sonic upgrade and the launch of the USDC.e stablecoin. With continued momentum and support, Fantom’s price rally may continue in the near term.