After rising 18% in the last day, Fantom (FTM) has dramatically changed its performance to join the current market surge. Fantom’s price has reached $0.4239 as a result of its most recent price movement, which is the greatest level the currency has increased since May 2023.
Fantom has increased by 72% year to date and by more than 27% this week at its current price, indicating that the currency is taking advantage of the overall positive market attitude. With the directed acyclic graph (DAG) smart contract technology reaching its lowest pricing point of $0.1758 on October 19, Fantom has had a difficult year.
The tightly linked Multichain protocol of Fantom was exploited, which quickly soured mood throughout the coin’s ecosystem and caused a sharp decline in the coin’s price. Many users lost trust in Fantom and switched their liquidity to other protocols that made promises after losing millions of dollars in the incident.
The Fantom Foundation didn’t give up on its goal of revolutionising Web3, but instead intensified its development efforts and swiftly unveiled additional system modifications and comfort measures to assist affected parties in coping with the pain of the Multichain collapse.
Is Fantom finally back?
Fantom did not fare particularly well in terms of market capitalization, but the Multichain scandal stunted the company’s growth. The story is shifting due to the current price prognosis, which indicates that the currency could eventually be back in circulation.
Fantom has added specified ecosystem enhancements to fuel growth during the last three months. One of the most recent is the allocation of more over 505,000 FTM to around 12 projects under its gas monetization programme, as previously reported by U.Today.
The purpose of this gift was to support on-chain activity, which the recent price action has ultimately shown to be beneficial.
