Why Fantom (FTM) Became Sonic (S) and Its Impact on Cryptocurrency

user avatar

by Giorgi Kostiuk

2 years ago

In the first half of January, the Fantom (now Sonic) price dropped by 12%, indicating bearish sentiments. However, the recent rebranding has led to a surge in social sentiment, suggesting potential growth.

Reasons for Fantom's Rebranding to Sonic

Fantom has rebranded to Sonic to shift its market position. The aim is to enhance community involvement and introduce new features, potentially increasing the token's usage and demand.

FTM Price Shows Volatility

The Fantom (now Sonic) price maintained above $0.70 with a daily trading volume of $7.556 million. With a market capitalization of $2.052 billion, it holds the 56th position. The rebranding to Sonic Chain has allowed the project to surpass $100 million in Total Value Locked (TVL), highlighting its success in a competitive blockchain environment.

Sonic Technical Sentiments

The Simple Moving Average (SMA) on the daily chart indicates a potential bullish trend for the altcoin. The RSI indicator also shows a steady rise toward the midpoint, suggesting continued momentum gain for the Sonic token.

If the crypto market remains favorable, Sonic's price could surpass $0.80, setting the stage to reach $1. Conversely, negative trends could see the price retesting $0.70 and further slipping to $0.65.

Tier I

Sector: #18291

Sealed Cache Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, caches will be stored in your inventory and can be opened with Keys.

Other news

NEAR Protocol Achieves 50 Million Operations Milestone

chest

NEAR Protocol's chain abstraction infrastructure has surpassed 50 million lifetime operations, marking a significant achievement in simplifying multichain crypto interactions.

user avatarArif Mukhtar

Solana Sees Significant RWA Inflows

chest

Solana has recorded $348 million in net inflows of real-world assets over the past 30 days, increasing its tokenized RWA value to $720 million.

user avatarMaria Gutierrez

Aave Governance Considers Emergency Powers to Protect Users

chest

Aave governance is considering a proposal to grant emergency powers to guardians to freeze vulnerable lending pools during security threats.

user avatarDavid Robinson

Router Protocol Users Must Move Assets During Grace Period

chest

Router Protocol users must take action during the grace period to bridge assets back to origin chains before relayer nodes are disconnected.

user avatarJacob Williams

Arbitrum Proposes Disqualification of Three DeFi Protocols from Future Grants

chest

A new governance proposal by Arbitrum aims to disqualify three DeFi protocols from future DAO grant allocations due to alleged reporting failures and misuse of prior incentives.

user avatarAndrew Smith

Router Protocol to Shut Down Crosschain Network and Burn 303 Million Tokens

chest

Router Protocol has announced a deprecation plan to shut down its crosschain messaging network and burn 303 million ROUTE tokens due to unsustainable maintenance costs.

user avatarZainab Kamara

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.