Fantom Price Continues To Shine – What’s Behind The Latest 15% Surge?
May 19 2024 - 6:00AM
NEWSBTC
Fantom price has been such a joy to watch for investors in recent
days, as a much-needed breath of fresh air continues to spread
throughout the crypto market. Bitcoin and other large-cap assets
seem to be recovering well after a period of sluggish and
frustrating price action. Notably, Fantom emerged as one of the
best performers in the cryptocurrency market over the past week,
posting a substantial 26% price increase in the last seven days.
The Layer 1 token has particularly been on a hot streak in the past
day, soaring by 15%. The Catalyst Behind The Latest FTM Surge The
much-awaited Sonic upgrade has been critical to the turnaround the
Fantom price has witnessed in the past few months. Sonic is
expected to improve Fantom’s technology stack and introduce major
scalability enhancements without a disruptive hard fork. Related
Reading: This Crypto Trader Just Sold All His Bitcoin For Altcoins
Like Cardano And XRP, Here’s Why Most recently, the Fantom
Foundation unveiled the details of the upcoming layer-1 chain Sonic
Network. According to the blog post, the new blockchain network
will be connected to and be able to tap into vast amounts of
liquidity, users, and protocols from “Ethereum and beyond” via a
native layer-2 bridge. As disclosed previously, the Sonic Network
is expected to go live alongside a new token, with the ticker S. In
the latest memo, the project revealed that FTM token holders will
be able to migrate Sonic’s token at a 1:1 ratio, depending on the
results of a governance vote. The Fantom Foundation said in its
latest blog post: Initially, this migration process is
anticipated to be bi-directional, which will allow users to swap
back and forth between $FTM and $S. Since the $S token will only
exist on Sonic and $FTM will only exist on Opera, we anticipate
utilizing a bridge to enable bi-directional swaps. This process
enables a seamless migration for current Opera network participants
to experience Sonic. After a transitional period (to be determined
in the future), the migration process is expected to transition to
a one-way migration of $FTM to $S. The project noted that the
supply of the new S token will match that of FTM to facilitate the
token migration process after the Sonic chain launch. It is worth
mentioning that the Fantom price experienced a significant surge
following this update on the Sonic Network on May 17. Fantom Price
At A Glance As of this writing, the Fantom price is around $0.908,
reflecting an almost 15% increase in the past 24 hours. Related
Reading: Bitcoin To $100,000: Infamous Head And Shoulders Pattern
Appears To Signal The Start Of Another Rally Featured image from
iStock, chart from TradingView
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