• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
  • Play FinanceTry
No Result
View All Result
Breaking News: Binance Sees $218 Million In Outflows Following CFTC Lawsuit
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
  • Play FinanceTry
No Result
View All Result
NewsBTC
No Result
View All Result
Breaking News: Binance Sees $218 Million In Outflows Following CFTC Lawsuit
Fantom

Fantom (FTM) Up 10% After Cronje Article – Is $0.31 Possible?

Jake Simmons by Jake Simmons
4 months ago
in Crypto
Reading Time: 2 mins read
Advertisement
Advertisement

The 69th largest cryptocurrency by market capitalization, Fantom (FTM), has shown relative strength over the past seven days, rising 29%. Over the past 24 hours, it even stands at a gain of 10%.

Today’s surge comes after DeFi star programmer Andre Cronje published a Medium post about the “crypto company” Fantom, detailing its financial history.

In the article, Cronje describes that Fantom started with $40 million, mostly in ETH with an average price of $450 to $700. Due to the crypto winter at the time, Fantom shad to sell its ETH for less than $5 million.

Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

After that, Fantom decided to go on a tough austerity drive, with a complete marketing freeze and only the most necessary staff. Among other things, listing fees for exchanges and sponsorship fees for influencers were never to be paid again.

Instead, the project pursued an aggressive strategy in decentralized financial solutions (DeFi). And success is proving Fantom right. As of November 2022, the company has grown from a $5 million budget to $1.5 billion.

Related Reading: Historic Bitcoin Miner Capitulation In Full Effect – How Long Will It Last?

Fantom’s Solid Coffers

Currently, Fantom has $100 million in stablecoins, $100 million in cryptocurrencies, and $50 million in non-crypto assets, among other assets. With current salary consumption, they have a 30-year runway.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?

The solid financial base has also allowed the project around Cronje to reject “further cooperation from Alameda.” Profits from DeFi strategies have also been used repeatedly to buy FTM.

In terms of competition, Cronje criticizes that selling its own tokens is a finite business model. This is another reason why Fantom’s foundation owns relatively few FTM:

Most comparable L1’s own between 50% – 80% of their token supply. At launch, Fantom owned less than 3%, today we own more than 14%. We prefer buying our tokens, we don’t ‘sell’ our tokens for ‘partnerships’.

The crypto community has been extremely supportive of the article in light of FTX’s handling of customer funds and token distribution in other projects.

Related Reading: Ethereum Price Key Indicators Point Firming Case For Recovery Above $1,250

Fantom (FTM) Faces Crucial Resistance

The fact that the crypto community supports and also uses Fantom is shown by recently published data from Nansen. According to this, Fantom, Arbitrum and Optimism currently have more active addresses per day than 7 months ago in one week.

On-chain activity is thriving 🔥

Fantom, Arbitrum & Optimism now have more active addresses per day than they had in a week 7 months ago#BNBChain 1.27M#Polygon 834K#Fantom 457K#Ethereum 420K#Solana (Wallet accounts) 299K#Arbitrum 74K#Optimism 42K#Avalanche C-Chain 35K pic.twitter.com/gkJRZcTc5a

— Nansen 🧭 (@nansen_ai) November 23, 2022

However, a look at the Fantom daily chart reveals that FTM is at a critical point. To initiate a bullish breakout, FTM needs to recapture the crucial horizontal level at $0.22. Technical analysis shows the importance of this area.

The price action on the 1-day chart shows that FTM price has fallen sharply since reaching its three-month high at $0.3138 on November 5. Subsequently, FTM reached a low of $0.1645 on November 22.

Fantom FTM USD 2022-11-29
Fantom (FTM) facing crucial resistance, 1-day chart. Source: TradingView

Only if FTM can overcome the $0.22 mark, a new attempt at the November high of $0.31 could be on the cards. If not, there is currently not much support below the current low, which could mean a sharp decline towards $0.04.

Tags: CronjefantomFTM
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Jake Simmons

Jake Simmons

Related Posts

Binance vs CFTC

CFTC Vs. Binance: Cumberland Outlines 3 Scenarios For Bitcoin And Crypto

2 days ago
LUNC burn

New Proposal Wants To Burn All Coins In LUNC Oracle Pool, Will This Help The Price?

6 days ago
Arbitrum ARB airdrop

Arbitrum (ARB) Airdrop Is Around The Corner, How To Trade It

7 days ago
Bitcoin

Can Crypto Rally Keep Up? This Indicator May Suggest So

1 week ago
total crypto parabolic sar

Why The Crypto Market Could Soon Go “Parabolic”

1 week ago
Tokenizing Stocks, Bonds And Others Could Boost Capital Markets Efficiency: BlackRock CEO

Tokenizing Stocks, Bonds And Others Could Boost Capital Markets’ Efficiency: BlackRock CEO

2 weeks ago

Premium Partners

Play Finance

Trending Projects

  • 4 Best Upcoming ICO For 2023

    1 week ago
  • Crypto Investment for Long Term Growth in 2023

    1 week ago
  • 5 Cryptocurrency To Invest In 2023

    1 week ago

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit
  • The Future Of The Crypto Industry And One Of Its...

    13 hours ago
  • Don’t Miss TMS Network (TMSN) 100x Growth Train; Algorand...

    16 hours ago
  • Riding The 2023 Bull: How Bitcoin, Ethereum, And SignUp...

    17 hours ago
  • Three Unique Top Presales To Buy in 2023: RobotEra...

    17 hours ago
  • Meta Masters Guild On Track to Become Web3’s Largest...

    18 hours ago

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Links

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2022 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play Games
  • Play Casino Games
  • Free Spins
  • Play Finance

© 2022 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.