Despite the bearish tendencies in the crypto market, this altcoin marks another in high price
While the crypto space is currently showing bearish tendencies as Bitcoin crashes to $45,000, the popular crypto channel Altcoin Buzz unveils that Fantom (FTM) remains one of the few projects that shows 70% increase in price recently.
According to Altcoin Buzz, despite the recent price drop of the “King Crypto” to below $45,000 as well as the rest of the crypto market, Fantom (FTM) remains unfazed
“Most of the cryptocurrency market followed the suit of Bitcoin in which Ethereum dropping by approximately 13%, Cardano also experienced a massive price drop of about 14%. However, Fantom (FTM) bucked this trend.”
Fantom is a directed acyclic graph (DAG) smart contract platform providing decentralized finance services to developers using its own bespoke consensus algorithm. Together with its in-house token FTM, Fantom aims to solve problems associated with smart-contract platforms, specifically transaction speed, which developers say they have reduced to under two seconds.
At the time of writing, the total value locked on the crypto platform currently stands at $117,184,344.
According to Altcoin Buzz the defying stance of Fantom, despite the current bearish trend of the entire crypto space, has been linked to important DeFi updates taking place in the Fantom ecosystem in recent times.
“The recent price rally has been largely attributed to a text-based RPG game known as Rarity. Rarity was built and developed by the founder of Yearn.Finance (YFI) and die-hard DeFi enthusiast, Andre Cronje.”
The text-based RPG game requires interested players to hold some Fantom (FTM) tokens. This is because FTM tokens are needed to pay for transaction fees on Rarity. A major aspect of the Rarity game is that it is styled with text-based NFTs known as Loot, the recent disrupting and explosive NFT project.