For the week ending November 18, 2023, Fantom (FTM) closed at 0.33. It had rallied above 0.37 on Nov. 17 before stumbling on lower volume. It is now trading in a range.
The trading volume for FTM is lower than the average. This will present a challenge to both buyers looking for a better price and sellers looking to exit at higher levels. To rise in value, FTM needs to grow its market capitalization.
The FTM token has potential. It uses a platform that employs a direct acyclic graph or a DAG smart contract platform. This empowers the scalability of the network. In 2021, fantom announced a 370 million FTM incentive program, per this announcement.
https://fantom.foundation/blog/announcing-370m-ftm-incentive-program/
This jump-started FTM. With only two months left in 2023, it may offer positive returns from here. On Oct. 24, it announced Fantom Sonic, which it released to the testnet environment for the public. As a result, the network upgrade scales fantom to over 2,000 transactions per second. In addition, it has a one-second finality. It also reduces storage requirements by as much as 90%.
Your Takeaway
The fantom foundation continues to share its advancements. It will encourage user adoption for the decentralized finance platform.
https://fantom.foundation/blog/category/spotlight/
