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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

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

Jake Simmons
Jake Simmons
2 years ago
2 mins read
Fantom

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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.

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.

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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.

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.

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2 years ago

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.

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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

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His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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