Ethereum has become one of the most successful and best-performing cryptocurrencies of the last few years. However, many of these “Ethereum killers” have gained traction in the past few months.
Well, initially it was Solana but now, Fantom is the talk of the town. Surprisingly, it is one of the blockchains that has been outperforming several cryptos in the last month. It holds a lot of potential due to its unique protocols and consensus mechanisms, according to analysts.
Pseudonymous host of crypto outlet Coin Bureau recently highlighted the same in his latest YouTube video. He opined that FTM, the native asset for the smart contract platform Fantom, still “has a lot more room to the upside”. This is an interesting remark despite its massive 18,407% gains in the past year. Well, here’s what the host said:
“This is because Fantom’s market cap is medium-sized and its fundamentals are significantly stronger than most of the cryptocurrencies that currently outrank it. FTM’s tokenomics are also seriously robust. All FTM coins allocated to Fantom’s early investors, founders and advisers finished vesting last November.”
Interestingly, the Liquid Supply curve charted below sounded the same bugle.
Further, the #33 ranked crypto token has maintained its bullish narrative despite the major correction at press time. Currently, it is trading just shy of the $2.65 mark with an 8% setback in 24 hours. Nevertheless, the analyst in question remains undeterred on his bullish scenario. Ergo, he wasn’t surprised by the lost blood. ‘Only FTM coins being introduced into circulation are coming from the asset’s staking rewards,’ he stated.
“This is happening to the tune of about 500,000 FTM per day, which is just under $1.5 million of daily sell pressure. Now, this small amount of sell pressure is being easily offset by the demand for FTM coming from the growing number of Fantom users and investors.
However, there is likely some selling pressure coming from the Fantom Foundation’s massive developer fund. ‘Though it seems to be minimal, as any FTM awarded to devs is vested monthly over one year,’ the analyst asserted.
It can be observed that in any case, more than half of the FTM circulating supply is being staked.
He further elaborated,
“(that) most of it is being staked for more than the bare minimum. This reduction in available supply further increases FTM’s ability to fly. Best of all, FTM has a maximum supply of 3.175 billion, which means inflationary issuance isn’t eating away at its price action.”
The pseudonymous analyst concluded the video by putting forward his prediction for the flagship token. He stated, “given these facts (stated above), my forecast for the remainder of this bull market is another 2x to 3x.”
Meanwhile, it is “very possible, FTM could pump higher” given its promising roadmap. Although, it doesn’t have a physical one. Needless to say, its members within the ecosystem have supported the token irrespective of the FUDs. For instance, this tweet down below perfectly explains why the host in question is optimistic about Fantom.
— bitcoinmanbearbull (@bitcoinmanbear1) November 2, 2021
Overall, Fantom’s uptrend looks strong despite the 30% correction it suffered after making a new all-time high at nearly $3.50.