Ethereum has emerged as one of the most successful and high-performing cryptocurrencies in recent years. Many of these “Ethereum killers” have gained traction in recent months, however.
Initially, it was Solana, but now it is Fantom who is the talk of the town. Surprisingly, it is one of the blockchains that has outperformed a number of cryptocurrencies in the last month. Analysts believe it has a lot of potential because of its unique protocols and consensus mechanisms.
In his most recent YouTube video, the pseudonymous host of crypto outlet Coin Bureau emphasized the same. He believes that FTM, the native asset for the Fantom smart contract platform, “has a lot more room to the upside.” Despite its massive 18,407 percent gains in the last year, this is an intriguing remark. So, here’s what the host had to say:
“This is due to Fantom’s medium-sized market cap and fundamentals that are significantly stronger than most of the cryptocurrencies that currently outrank it.” FTM’s tokenomics are also extremely strong. All FTM coins distributed to Fantom’s early investors, founders, and advisers vested in November.”
Surprisingly, the Liquid Supply curve, as shown below, sounded the same bugle.
Furthermore, despite the major correction at press time, the #33 ranked crypto token has maintained its bullish narrative. It is currently trading just below the $2.65 mark, down 8% in the last 24 hours. Nonetheless, the analyst in question is unwavering in his bullish forecast. As a result, he wasn’t surprised by the loss of blood. ‘Only FTM coins are entering circulation as a result of the asset’s staking rewards,’ he explained.
“This is happening at a rate of about 500,000 FTM per day, which equates to just under $1.5 million in daily sell pressure.” Now, this minor amount of sell pressure is easily offset by the growing demand for FTM from Fantom users and investors.
The Fantom Foundation’s massive developer fund, on the other hand, is likely to exert some selling pressure. ‘Though it appears to be minimal, as any FTM awarded to developers is vested monthly over a year,’ the analyst claims.
In any case, it can be seen that more than half of the FTM circulating supply is being staked.
He went on to say,
“(that) the majority of it is staked for more than the bare minimum.” This decrease in available supply increases FTM’s ability to fly even more. The best part is that FTM has a maximum supply of 3.175 billion, which means that inflationary issuance isn’t eroding its price action.”
The video concluded with the pseudonymous analyst making a prediction for the flagship token. “Given these facts (mentioned above), my forecast for the remainder of this bull market is another 2x to 3x,” he said.
Meanwhile, given its promising roadmap, it is “very possible that FTM could pump higher.” It does not, however, have a physical one. Needless to say, despite the rumors, its ecosystem members have backed the token. For example, the following tweet perfectly explains why the host in question is optimistic about Fantom.
— bitcoinmanbearbull (@bitcoinmanbear1) November 2, 2021
Despite a 30% correction after setting a new all-time high of nearly $3.50, Fantom’s uptrend appears to be strong overall.