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Fantom Weekly: Why Price Rises Again

Fantom (FTM-USD) is on a firm uptrend. After pulling back to below 80 cents on April 5, prices snapped back from April 7 – 9, 2024. FTM is in a position to hold $1.00 for several reasons.

Fantom’s token price rose thanks to the launch of USDC.e stablecoin. Cryptocurrency investors have a strong interest in the meme coin ecosystem. Its USDC.e complements the upcoming network upgrade. Several months ago, the Foundation announced the Sonic upgrade. As a result of moving from the testnet to the mainnet this spring, transaction processing speeds will increase. Expect up to 2,000 TPS (transactions per second).

Safer Meme Coins

Veteran cryptocurrency investors may cringe when “memes” and coins are in the same phrase. However, Andre Cronje, Fantom Foundation’s co-founder, proposed a plan to issue meme coins on the network. Solan enjoyed a meme frenzy last month. It traded at $200 for the first time since Nov. 2021. SOL-USD closed at $170.46, down by 5.74% in the last seven days but up by 741.3% in the last year.

SOL-USD has a $97.8 billion market capitalization. FTM has a $3.16 billion market cap.

Your Takeaway

The Fantom meme coin gave prices a boost. Expect a healthy pullback in the coming days. Despite profit-taking, Fantom’s work on the meme coin ecosystem is a positive step. It raises awareness of Fantom Foundation’s work in the last year.