Ethereum-rival Fantom (FTM) Outshines Meme Coins amid Upcoming Mainnet Upgrade

UTC by Steve Muchoki · 3 min read
Ethereum-rival Fantom (FTM) Outshines Meme Coins amid Upcoming Mainnet Upgrade
Photo: Depositphotos

The Fantom (FTM) network has attracted more investors and developers as a layer one blockchain due to its upcoming Sonic upgrade.

The past four weeks have been extremely profitable for the Fantom (FTM) holders after a solid breakout from the 2022/2023 crypto bear market. The fast-growing layer one (L1) based altcoin rallied more than 200 percent in the past 30 days to trade around $1.21 on Friday during the early New York session.

Amid the ongoing crypto bullish outlook, the Fantom network has attracted significant cryptocurrency traders due to its fast finality and growing Web 3.0 ecosystem.

As of this writing, the mid-cap altcoin had a fully diluted valuation of about $3.78 billion and a daily trading volume of more than $1 billion, thus indicating higher chances of further gains in the mid-term. Moreover, Fantom network has accumulated significant positive fundamentals over the past years to guarantee a bullish outlook in the coming quarters.

Top Reasons Fantom (FTM) Is Gaining Bullish Traction

As a fast-growing layer-one blockchain focused on the democratization of smart contracts and the web3 ecosystem, the Fantom network has seen its total value locked (TVL) increase to about $153 million. The Fantom network has grown to a stablecoins hub, with about $503 million on Friday, as its web3 ecosystem experiences an astronomical uptick.

Some of the notable Fantom-based web3 platforms include SpookySwap DEX, and Beefy yield aggregator, among others. The vibrant web3 ecosystem on the Fantom network has attracted DeFi developers from other chains to ensure future growth prospects.

The Fantom network is also preparing to activate the Sonic mainnet to replace the existing Opera network. Having undergone thorough testing and research, the Fantom team is confident the Sonic upgrade will ensure higher network throughput and lower transaction fees to enable mass adoption of smart contracts.

According to the Fantom developers, the Sonic upgrade reduces the requirements for network storage by up to 90 percent. Consequently, the Fantom network can now compete with other layer-one blockchains including Solana (SOL), Ethereum (ETH), and Cardano (ADA), among others.

Moreover, the Fantom Virtual Machine (FVM) will now offer an enhanced execution capability compared to other multi-chain blockchains by processing 65 times more transactions per second.

FTM Price Expectations

Having outshined the meme coin industry in the recent past, the FTM price is expected to continue rallying in the mid-term. According to a popular crypto analyst Ali Martinez, the FTM price is en route at $1.44 in the near term. Moreover, FTM’s weekly Relative Strength Index (RSI) has rallied above the 70 level for the first time since the 2021 crypto bull run.

Nonetheless, the FTM price is likely to correct below $1 after experiencing heightened resistance around $1.2 in the past 24 hours.

Altcoin News, Cryptocurrency News, News
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