Fantom (FTM) cryptocurrency has shown an 18% increase in the last 24 hours, reaching a level of $0.4239, marking the highest level since May 2023. This sudden rise gives hope to investors about whether the downtrend has ended.
While Fantom’s weekly gain has exceeded 27%, it has recorded a growth of 72% since the beginning of the year. This positive momentum indicates that it is benefiting from the general bullish trend in the market.
After a significant price drop in 2022 due to an exploit in the Multichain protocol, which led to users redirecting their liquidity to alternative protocols and a consequent loss of trust, FTM is showing signs of recovery.
The Fantom Foundation, following the Multichain incident, increased its development efforts, showing determination to overcome challenges faced and to support affected stakeholders. Fantom remains committed to its vision of revolutionizing the Web3 world.
In recent months, Fantom has strategically strengthened its ecosystem with initiatives such as a gas reimbursement program that distributed 505,000 altcoin FTM to 12 projects. The program aimed to encourage activity on the chain, and the current price movement indicates a positive response, showing Fantom’s return to the forefront of market interest.
As the crypto community watches Fantom’s dynamic recovery, questions arise about the sustainability of this rising trend. Investors will closely monitor Fantom’s performance to determine whether this rise is a definitive sign of the end of the downtrend or if other market dynamics are at play.