The Fantom worth is shifting in opposition to the final sentiment available in the market, whereas massive cryptocurrencies pattern to the draw back, FTM is reclaiming misplaced territory. The token is trending to the upside on account of speculations about its founder Andre Cronje.
— iamdefinitelyandre.ftm (@AndreCronjeTech) November 3, 2022
On the time of writing, the Fantom worth trades at $0.2 with a 17% revenue in 24 hours and a 20% revenue over the earlier seven days. Within the meantime, Bitcoin and Ethereum are recording losses and are liable to returning to their vary after seeing the bullish momentum exhausted.
Fantom Value Makes A Comeback, Andre Cronje Too?
In keeping with a report from Wu Blockchain, the favored and controversial developer Andre Cronje modified his LinkedIn biography to “Memes at Fantom Basis.” This modification has led to rumors about its potential comeback as a key challenge member.
Cronje is the so-called “DeFi Godfather”; he’s behind a number of the largest protocols within the area, together with Yearn Finance (YFI), Keep3r Community (KP3R), Fantom, and others. Earlier this 12 months, Andre Cronje and different decentralized finance (DeFi) builders introduced their departure from crypto.
The developer cited a necessity for maturation within the business and regulatory uncertainty. Cronje’s departure harm the Fantom worth and the valuation of initiatives related together with his title.
Over the previous months, Cronje has hinted at his return to the Fantom Basis. On Might 23, the developer launched a proposal to enhance fUSD, Fantom’s native stablecoin.
At the moment, the Terra collapse wreaked havoc throughout the business and harm stablecoins. The Fantom Basis issued the next assertion:
fUSD just isn’t UST
• fUSD is an over-collateralized stablecoin (just like DAI) backed by staked FTM. UST had nothing backing it.
• Customers create fUSD by borrowing in opposition to their staked FTM.
— Fantom Basis (@FantomFDN) May 18, 2022
Following Cronje’s proposal, the Fantom worth noticed vital appreciation rallying over 45% in a single buying and selling session. Nonetheless, the rally was short-lived because the developer remained on the sidelines.
Will Historical past Repeat?
FTM’s worth present bullish momentum is extra conservative than in previous events when there was hypothesis about Cronje’s comeback. Nonetheless, his affect on the DeFi area stays robust, as evidenced by the token’s worth motion.
Within the coming days, if the rumors will not be confirmed, Fantom may run out of fuel main to a different large crash into earlier help ranges. In that sense, merchants ought to look ahead to sudden spikes in volatility.
Hmm I’m wondering what will occur to all this lengthy open curiosity on $FTM that chased the pump…
Stairs up, elevator… pic.twitter.com/ZsPOSKYRzM
— Clark (@CanteringClark) November 3, 2022
