Fantom (FTM) Network Revenue Drops by Over 30% in the Last Month Despite a Surge in Active Addresses

The decline in Fantom's revenue is due to the decrease in the value of its governance coin FTM, whose price has plunged by almost 40% in the past 30 days.

Fantom (FTM) network’s monthly revenue has declined by over 30% despite a rise in active addresses on the network. This decline is attributed to a decrease in the value of FTM governance coin, which has dropped by almost 40% in the past 30 days.

According to鏈上指標data from Footprint Analytics, Fantom’s active addresses have seen a significant uptick in the past month. With a user count of 593,340 addresses in the past 30 days, the number of unique addresses that interacted with the blockchain network during this period has risen by 77%.

This increase in active addresses can be largely attributed to a decline in the value of FTM, which has led to a decrease in gas prices on the Fantom network. Since gas prices are denominated in FTM, a decrease in FTM’s price makes transactions cheaper for users, which could be driving the surge in active address count.

Transaction fees on the Fantom network have reached $52,490 in the past 30 days due to low gas prices, marking a 31% decrease. The revenue generated from these fees amounted to $15,750, declining by over 30% during the same period.

After closing at a year-to-date high of $89,377 in March, Fantom’s monthly revenue began to decline. By the end of Q2, this revenue had dropped by 81%.

Fantom’s revenue has totaled $3,506 so far this month.

Surging selling pressure to cause further decline in FTM price

At the time of writing, FTM was trading at $0.44. The coin’s value has plummeted by almost 40% in the past 30 days, which has caused it to trade below its 20-day exponential moving average (EMA) and its 50-day small moving average (SMA).

An asset’s 20-day EMA measures its average price over the last 20 days, while its 50-day SMA tracks its average price over the last 50 days. When an asset’s price falls below these key moving averages, it indicates that its value is lower than the average price over both short-term and long-term periods, suggesting a potential continuation of the downtrend.

If FTM continues to decline, it could fall to trade at $0.43.

However, if the bulls regain market control and buying momentum spikes, the coin’s value may rise to $0.47.

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