Fantom (FTM) Becomes One of the Top Gainers in the Past 24 Hours

The native token of Fantom went from a $0.5043 low to a $0.5681 high during the timeframe, representing an over 12% increase in value from its lowest point within the day.

The price of Fantom (FTM) soared by over 10% in the past 24 hours, outperforming the stagnant prices of Bitcoin (BTC) and Ethereum (ETH) during the same period.

FTM began the day trading at $0.5043 and quickly surged to a high of $0.5681, marking a rise of over 12% from its lowest point within the day. At the time of writing, the digital asset traded around 10% up from its 24-hour low.

Accompanying the price surge, FTM also saw a jump of over 12% in its trading volume, shifting around $267.37 million worth of its supply between addresses. With the recent development, the market capitalization of its 2.8 billion circulating token supply rose to $1.57 billion.

Zooming out the charts reveals substantial gains for Fantom in the longer timeframes as well. So far, it has accumulated over 13% and 47% in value in the past week and month, respectively. Meanwhile, it soared by a whopping 188% year-on-year (YoY).

Despite FTM's latest price appreciation, it remains 83% below its all-time high (ATH) of $3.48 three years ago. However, several analysts are optimistic that it may eventually return to the $1 territory, which it last held in April.

According to Coin Bureau Insider, the bullish sentiment surrounding Fantom's transition to the Sonic chain triggered the bullish investor sentiment. The event will see a significant enhancement in the network performance of Fantom, which could reach up to 10,000 transactions per second (TPS) with a finality time of around a second. Currently, the Fantom blockchain can only process up to 30 TPS.

The fundamentals for Fantom $FTM and @0xSonicLabs impending release is very clear:

– 10k TPS, 720ms to Finality.

– Andre building 5 new DeFi primitives, with 90% of gas spent going back to applications/developers.

– Sonic Foundation with a 500m treasury, ready to airdrop 190m… pic.twitter.com/iIw2yUe9Jk

Moreover, the upgrade will direct 90% of the gas fee spent back on apps and introduce more chain-level incentives. It will also be integrated with the best ETH tooling and five new DeFi (decentralized finance) primitives. Furthermore, it will be supported by the Sonic Foundation's over $500 million treasury.

As one crypto personality on X puts it, Sonic will look and feel like an ETH layer 2 (L2) but with a much lesser gas fee and faster network performance.

$FTM SONIC

10k tps

L2 bridge

90% of gas spent goes back to apps

Subsecond finality

Chain level incentives

All of the best eth tooling and integrations

5 new defi primitives

Sonic foundation 500m treasury

Will look/feel like an eth L2 but "S" gas and much much faster.