Fantom (FTM) Price Surges 46% in Two Weeks as Network Activity Heats Up
- PHPzOriginal
- 2024-08-23 03:21:08973browse
Fantom price has experienced significant growth, rising 12.2% in the last 24 hours alone. Over the past two weeks, the coin has surged by 46.1%
The price of Fantom (CRYPTO: FTM) experienced a surge of 12.2% in the last 24 hours.
What Happened: According to CoinGecko, FTM price soared 46.1% over the last two weeks.
Starting at $0.298768 on Aug. 8, the price of FTM rose steadily, reaching $0.361331 by Aug. 11. At press time, FTM was trading at $0.459012.
Several significant developments in the past three months brought the Fantom network into the spotlight.
On May 20, Fantom’s trading volume in Decentralized Finance (DeFi) shot up by 109% in a week, largely influenced by the announcement of the Sonic Network’s launch.
Set to release its $S token, which is expected to be distributed to FTM holders, Sonic Network, a new blockchain from Fantom, is designed to operate as a Layer 2 (L2) bridge for Ethereum.
Additional offerings for Sonic Network, including a grant system and a token-burning mechanism, were introduced by Fantom on Jun. 22, further driving interest in the network.
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On the DeFi front, data from Token Terminal showed a 40.1% surge in the number of active users on Fantom in the past month, making it the second-highest chain in terms of user growth.
In comparison, Polymarket, ranked eighth, saw a more modest 6.5% increase in active users.
Despite the rise in active users, Fantom’s Total Value Locked (TVL) in DeFi did not experience a parallel growth.
According to DeFiLlama, Fantom is currently ranked 40th in total TVL, with $98.82 million.
Over the past week, DeFiLlama data showed a 23.7% drop in Fantom’s TVL, while over the month, it declined 6.02%.
Interestingly, within the Fantom ecosystem, CoinGecko data showed Wrapped Bitcoin (CRYPTO: WBTC) was ranked second in trading volume, following the stablecoin USDC.
The native token FTM was ranked seventh, trailing behind Aave (CRYPTO: AAVE), which also saw growth over the past week.
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