Why is Fantom (FTM) Price Up By 30%?

Fantom (FTM), a leading smart contract platform focused on speed, witnessed its native token abruptly gain 30% amid a mix of network-specific improvements alongside broader Bitcoin momentum, lifting crypto markets higher. Multiple factors appear to support Fantom’s upside breakout.

FTM has surged from a 24-hour low of $0.5137 to a high of $0.7427 before falling to its current price of $0.6665.

Whale Re-Accumulation Hints At High Conviction

According to on-chain intelligence provider SpotOnChain, an anonymous whale wallet tracked by researchers abruptly purchased nearly $3 million worth of FTM across February 25th and 26th. Timed almost perfectly with Fantom’s rally igniting, the analyst suggests the deep-pocketed entity likely remains bullish, expecting further upside follow-through.

“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%),” SpotOnChain tweeted. “Notably, he/she last bought $FTM only an hour ago. Is the whale still bullish on an even bigger pump?”

Such situational awareness spotting both the well-timed dip buying and continued accumulation as prices broke out flags of clear conviction by influential traders expecting more vertical momentum ahead rather than merely short-term noise.

Improving Network Performance And Usage

Fundamentally, Fantom continues working towards upgrades that boost network throughput and reduce costs—both crucial for hosting decentralized applications at scale and competing against faster chains like Solana.

The recent Sonic release specifically targeted these ambitions by augmenting transaction speeds north of 4,500 TPS and lowering storage charges. Community sentiment also trended positively as social volume metrics climbed over 20% this week, reports highlighted.

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According to the X account Fantom Talk, here are a few reasons that triggered the FTM price surge:

  1. FTM is trending on top crypto data platforms like CoinMarketCap and CoinGecko as interest expands.
  2. Fantom network volume spiked over 320% over the past 24 hours, handily exceeding other top chains and signaling major capital inflows.
  3. Daily transactions on Fantom rapidly grew by 100%+ over just 7 days, confirming new user onboarding and activity ramping up. The trend should continue, per projections.
  4. Total value locked (TVL) quantifying assets deployed inside Fantom DeFi apps jumped 20%+ in one day amid the resurgence – reclaiming the top 35 ranking among all chains as confidence returns after past depegging events caused drops.
  5. Fantom’s market capitalization similarly climbed nearly 40% since the start of 2024, then almost 30% in the last 24 hours alone, signaling investors regaining interest more broadly.
  6. Fantom’s network efficiency remains stellar despite growth, still confirming transactions in 1 second for negligible fees under $0.001.

So between technical tailwinds lifting markets broadly, and Fantom’s own improvements reaching clear milestones on development roadmaps to sustain growth, upside conditions aligned to spark the abrupt 30% FTM price explosion.

Still, analysts generally expect a short-term cooling before continuation runs unfold. By consolidating gains, Fantom strengthens its next ascent when altseasons return in earnest later this cycle.

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Vignesh Karunanidhi
Vignesh Karunanidhi

Seasoned crypto writer with deep passion for blockchain and cryptocurrency