Fantom Price Prediction: FTM Ready for 25% Pump?

Updated: 14 August 2023

Disclosure

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

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Recent reports suggest Fantom (FTM) has experienced intense selling pressure following a Multichain hack.

Hacks and theft are relatively common in the crypto industry, but they still have a substantial impact when they happen.

Fantom’s Multichain, a vital bridge network, fell victim to a hacking attack that resulted in a theft of $125 million.

Furthermore, Multichain’s founder was arrested only a few weeks earlier, and the authorities seized his crypto wallets.

As a result, Fantom’s ecosystem has suffered quite a bit, with token holders feeling extraordinarily uncertain and unwilling to take risks.

Fantom DEX goes down

The arrest of the Multichain CEO, followed by the hack of the network, has left the Fantom community in a bad state.

However, the situation escalated even further when the Fantom DEX was forced to shut down after the hack.

Known as SpiritSwap, the DEX was once considered an integral part of the Fandom network. However, on August 9, the DEX decided to stop working.

End of an era as @Spirit_Swap calls it quits; the very first place I landed on #Fantom 828 days ago 😢👻

They're looking for a team to hand things to; otherwise operations will cease on September 1; a guide to help users withdraw $SPIRIT dregs as they unlock will be developed 🪦 pic.twitter.com/Syu2wqNlAY

— Blockchain Ecologist (@block_ecologist) August 9, 2023

The platform’s community has taken the news harshly, with many saying it is “an end of an era.” They are now looking for a team to hand things to. Otherwise, operations will cease on September 1.

Fantom Price Sinks

With all the adverse events surrounding Fantom and its token, FTM, the token’s price drop is no surprise.

Fantom’s YTD peak was on February 4, when it climbed to $0.63, right around when crypto winter ended.

Since then, bearish waves have brought it down to $0.24 over the next several months, and it found itself at this level in mid-June.

Following the drop, FTM recovered o $0.30 in late June and early July. But, the price sank again when the adverse events started lining up.

FTM lost around 20% of its price in the last 30 days alone. The price constantly dropped for about ten days between July 15 and 25.

After that, it started trading sideways, fluctuating between $0.23 and $0.25. In the last several days, especially between August 10 and 14, FTN gas fluctuates between $0.235 and $0.245.

The token is reaching similar stability as Bitcoin, with fluctuations getting smaller and smaller. FTM currently sits at $.239, but some suggest it could pump to the resistance at $0.25 on the four hours chart. Before that, it must breach the one at $0.24, above its current price.

XRP20 Presale Raises Over $2.5 Million in its Final Days

While Fantom is surrounded by uncertainty and risk, the new Ethereum-based XRP20 token has attracted massive interest and a lot of money.

Selling for $0.00092 per token, XRP20 has already managed to raise $2.75 million. The presale will last until the soft cap is reached.

However, since the soft cap sits at $3.68 million, it should not be long before the token sale is concluded. This is the last chance that potential buyers have to join in.

Anyone seeking to buy XRP20 can do so with BNB, USDT, or ETH. The token itself was launched to reignite the passion of the XRP army on Ethereum.

Being on the Ethereum network, XRP20 has access to blockchain products, tools, and services that regular XRP does not. It also offers an opportunity for those who failed to buy Ripple when XRP was at its all-time low of $0.0028.

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