FTM Token Price Climbs 30% in 24 Hours

The price of FTM, the token behind the Fantom Network, went up by 30% today, before retracing to its current level. This comes after data-analytics provider Nansen announced support for the network in a press statement. This subsequently means that Fantom data will become visible on Nansen’s dashboards, making it more accessible. FTM is currently trading at $1.8200, which is a few points below its all-time high of $1.8600. The FTM price is also rallying because of the recent trends in cryptocurrencies, with Bitcoin soaring to more than $55,000. Also, it is rising as investors continue betting on the so-called Ethereum-killers.

Fantom (FTM) is a smart contracts platform that uses the Proof of Stake consensus algorithm. In addition, it is based on Directed Acyclic Graph technology, and also implemented by other projects including Hedera Hashgraph and IOTA.

According to DeFi Lama, the total value locked (TVL) in Fantom currently sits at over $5 billion. It experienced a huge jump over the last 24 hours.

Fantom CEO Michael Kong weighed in on the matter. According to Kong, Nansen analytics will “bring visibility to innovative projects on the network.” Furthermore, Kong believes this will enhance the success of said projects. In his own words:

“We’re excited about the increased usage Nansen will bring to Fantom and to the incredible wealth of information that the analytics platform will make available.”

Image credits: Pixabay



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