The token called FTM on the Fantom network has increased by 8% today. This means it's doing better than any other of the top 100 cryptocurrencies by value. This rise happened because Fantom announced the launch of its USDC.e stablecoin and also a planned network upgrade in the near future. Let's take a look at this Fantom price article in more detail.
How has the Fantom Price moved recently?
Today, Fantom (FTM) is priced at $1.000305 with a 24-hour trading volume of $1.74 billion. Its market capitalization is $2.80 billion, and it holds a market dominance of 0.11%. Over the last 24 hours, the price of FTM has increased by 6.47%.
The highest price that Fantom has ever reached was on October 28, 2021, when it hit its all-time high of $3.47 per token. On March 13, 2020, Fantom traded at its lowest price ever recorded, which was $0.001762. Since reaching its all-time high, the lowest price observed was $0.164761 (cycle low), and the highest price since this cycle low was $1.219570 (cycle high). Currently, sentiment around Fantom's price prediction is bullish, and the Fear & Greed Index stands at 78, indicating extreme greed among investors.
Fantom's circulating supply currently stands at 2.80 billion FTM out of a maximum supply of 3.18 billion FTM. The yearly supply inflation rate is currently 0.69%, resulting in the creation of 19.13 million FTM in the last year.
Fantom Price Surges with USDC.e Stablecoin Launch
Fantom focuses on offering decentralized finance (DeFi) services to developers using its unique consensus algorithm. Recent developments have contributed to its positive momentum.
One of these developments is the Sonic upgrade, which will move the network from testnet to mainnet in the spring. This upgrade is expected to greatly increase transaction processing speeds to up to 2,000 transactions per second (TPS) and reduce the time it takes to finalize transactions to just 1.1 seconds.
The new mainnet, called Sonic, will replace the current mainnet named Opera, which can currently only handle 3.2 transactions per second. This upgrade has made investors more hopeful, driving the price of FTM up from $0.90 to $1, pushing against a key resistance level.
Additionally, Stani Kulechov, the founder of Aave and Avara, has been revealed as a major investor in the Fantom protocol, which has further boosted market confidence.
The coin has shown strong performance, with a 13.3% increase over the past seven days and nearly 25% growth in the last 30 days, outpacing many top 10 currencies. Andre Cronje, Fantom's lead developer, has also been actively working to enhance the platform's meme coin ecosystem, adding to the excitement around Fantom.
In a recent blog post, Andre Cronje extended an invitation to meme coin developers to reach out to him directly if they are interested in launching their coins on the Fantom platform. His plan involves setting aside up to 10% of tokens for marketing expenses, up to 5% for supporting the meme team, and allocating the remaining 85% to a FTM/token Liquidity Pool held in the foundation multisig.
However, the most impactful news driving today’s price spike is the launch of USDC.e, a native stablecoin that facilitates bridging Circle’s USDC stablecoin from Ethereum to Fantom. Native USDC cannot be directly used on Fantom, but USDC.e, which is a bridged version of native USDC, makes this possible. This development opens up new possibilities for using USDC on the Fantom network.
What is USDC.e on Fantom?
Native USDC is issued by Circle, a regulated fintech company, and it's backed by U.S. dollars, ensuring that each USDC token can be redeemed for one U.S. dollar. On the other hand, USDC.e is created by a third party like Fantom or Wormhole, and it's backed by native USDC tokens on another blockchain, which are locked in a smart contract. Users who hold USDC.e can only redeem it for native USDC, which can then be redeemed for real U.S. dollars.
Fantom explains that once USDC.e gains significant supply, adoption, and integration with decentralized applications (dApps), Circle and Fantom/Wormhole may decide to transfer ownership of the USDC.e token contract to Circle. Upon obtaining ownership, Circle could upgrade USDC.e to become native USDC, maintaining the existing supply, holders, and dApp integrations seamlessly.
