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Fantom (FTM), the native token of the Fantom blockchain, has soared by over 31% in the past 24 hours.
The price increase follows a period of decline and consolidation, during which FTM fell by approximately 80% from highs of $0.566 on Dec. 26, 2023.
FTM began a modest recovery from a low of $0.30 on Jan. 23, albeit still in consolidation. On March 3, the price burst out of the range, surpassing the previous barrier of $0.56. Following three days of advances, Fantom soared to an intraday high of $0.748 on Monday before receding.
At the time of writing, FTM was up 28.29% in the last 24 hours to $0.658. The token has likewise gained 59% in the last seven days.
What are reasons for FTM's comeback?
As reported, the cryptocurrency market saw over $48.54 billion in capital inflows, the biggest since October 2021. Bitcoin inched closer to its all-time high, reaching $65,614 during today's trading session. Other tokens, known as altcoins, also climbed in response to Bitcoin's rally.
Fantom likewise experienced inflows as whales made significant purchases. According to SpotOnChain, a whale purchased 4.71 million FTM at approximately $0.57 per coin, totaling $2.69 million, via Gemini and Airswap over the last two days, and even made FTM purchases in recent hours.
The $FTM made a great comeback (+31%) today!
— Spot On Chain (@spotonchain) March 4, 2024
Whale 0xdf8 bought a total of 4.71M $FTM at ~$0.57 ($2.69M) via #Gemini and #Airswap in the last 2 days, now making $600K (+22%).
Notably, he/she last bought $FTM only an hour ago. Is the whale still bullish on an even bigger pump?… pic.twitter.com/7GW2SR1ZCF
The Fantom network has seen new improvements and developments. Fantom's major endeavor in Q4'23 was the Fantom Sonic update, which attempts to improve network scalability. Ultimately, Fantom Sonic seeks to make Fantom one of the best-performing monolithic blockchains by increasing transactions per second (TPS), lowering storage costs, and maintaining near-second time to finality (TTF).
For the rest of 2024, Fantom Sonic is projected to play an important role in Fantom's continued expansion. In addition to the aforementioned Fantom Sonic update, initiatives like the Ecosystem Vault and Gas Monetization Program helped developers and users stay engaged in the network.