The token for the Fantom network, FTM, has sky-rocketed over 80 percent in the last fortnight to $1.31, the highest its price level has been since April 2022. This happens as Fantom transitions to its new identity, Sonic, while FTM is slated to migrate onto Sonic’s native token, $S. The hype started when Sonic Labs announced that “Genesis achieved. Block zero. Infrastructure deploying. Public soon.” Alluvium’s initial DIP pushed Fantom’s fully diluted valuation (FDV) above $4 billion for the first time in over two years.
FTM Reclaims Highest Price
What Is Behind the Rise of FTM?
- Sonic Public Launch: Sonic is coming for its launch. Frax Finance is going to deploy on the platform, while the team teased “Meme Mania”, a meme coin trading event with a $1,000,000 $S prize pool.
- Community Support: Offset by the Fantom and Yearn founder Andre Cronje himself, he let the cat out of the bag for the aforementioned transition. It stands before others that dApps are to be introduced in stages, defining them as ICOs, fair launches, and retroactive airdrops. He said,*”Then the real fun begins.”
- Developer Spotlight: The heavy hitters are tumbling into the ecosystem. Daniele Sestagalli, creator of Abracadabra and Wonderland, proposed deploying the Wagmi DeFi Protocol on a SONIC set of AI combined with DeFi innovation that he compared to launching the first AI endeavor on $S sonic.
With the countdown toward Sonic’s launch, traders, developers, and investors are buoyed by excitement, giving FTM a strong bump.
