Ethereum has become one of the most successful and successful cryptocurrencies in recent years. However, many of these “Ethereum killers” have gained traction in the past few months.
Well, initially it was Solana, but now Fantom is talking about him. Surprisingly, it is one of the blockchains that has been outperforming several cryptos in the last month. It holds a lot of potential because of its unique protocols and consensus mechanisms, analysts say.
Pseudonymous host of crypto outlet Coin Bureau recently highlighted the same in his latest YouTube video. He felt that FTM, the native asset of the Fantom smart contract platform, “still has a lot more leeway.” This is an interesting remark despite its massive 18,407% gains in the past year. Well, here’s what the host said:
“This is because Fantom’s market cap is mid-sized and its fundamentals are significantly stronger than most cryptocurrencies that currently outperform it. FTM’s tokenomics are also seriously robust. All FTM coins allocated to Fantom’s early investors, founders and advisers finished vesting last November.”
Interestingly, the liquid supply curve shown below sounded the same bugle.
Further, the #33 ranked crypto token has maintained its bullish narrative despite the major correction at press time. Currently, it is trading just below the $ 2.65 mark with an 8% decline in 24 hours. Nevertheless, the analyst in question remains undeterred on his bullish scenario. Ergo, he wasn’t surprised by the lost blood. ‘Only FTM coins put into circulation come from asset staking rewards,” he said.
“This is happening to the tune of about 500,000 FTM per day, which is just under $1.5 million of daily sell pressure. Now that little selling pressure is easily offset by the demand for FTM coming from the growing number of Fantom users and investors.
However, there is likely some selling pressure coming from the Fantom Foundation’s massive developer fund. ‘Although this seems minimal, as any MTF awarded to developers is acquired monthly over one year,” the analyst said.
It can be observed that in any case, more than half of the FTM circulating supply is being staked.
He further developed,
“(That) most of it is on the line for more than the bare minimum. This reduction in the available supply further increases FTM’s ability to fly. Best of all, FTM has a maximum supply of 3.175 billion, which means inflationary issuance isn’t eating away at its price action.”
The pseudonymous analyst concluded the video by advancing his prediction for the flagship token. He stated, “given these facts (stated above), my forecast for the remainder of this bull market is another 2x to 3x.”
In the meantime, it is “very possible, FTM could pump higher” given its promising track record. Although, it doesn’t have a physical one. Needless to say, its members within the ecosystem have supported the token irrespective of the FUDs. For example, this tweet below perfectly explains why the host in question is optimistic about Fantom.
Overall, Fantom’s uptrend looks strong despite the 30% correction it suffered after making a new all-time high at nearly $3.50.
