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 Hiding Place 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, hiding places will be stored in your inventory and can be opened with Keys.

Other news

US Household Inflation Expectations Increase Ahead of Federal Reserve Meeting

In October 2023, American households raised their inflation expectations to 4.7% for the next year and 3.5% for the long run, according to a survey by the University of Michigan.

user avatarFilippo Romano

XRP Ledger Maintenance Amendment Regains Validator Majority

The XRP Ledger's fixCleanup340 amendment has regained majority support from validators, moving its activation window to November 4.

user avatarEmily Carter

W Group Invests in SwapGlobal for Institutional Pre-IPO Derivatives

W Group has announced its investment in SwapGlobal, which is preparing to offer institutional pre-IPO derivatives.

user avatarTomas Novak

Aave Labs Clarifies V38 Security Upgrade Details

Aave Labs has clarified its proposed V38 security upgrade, focusing on the exclusion of flashloan entry points from the new reentrancy guard, ensuring functionality during liquidations.

user avatarKaterina Papadopoulou

Aave Launches Externally Curated V4 Markets on Ethereum

Aave has launched its first externally curated V4 markets on Ethereum, managed by Sentora, which oversees active borrowing markets for RLUSD, PYUSD, and OUSD.

user avatarMaya Lundqvist

New Features Introduced in Stellar's Bell Upgrade

The Bell upgrade introduces new features including support for contract addresses and millisecond ledger timestamps, enhancing the Stellar network's capabilities.

user avatarLeo van der Veen

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.