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

Google Launches TPU 8tx and TPU 8i Max AI Systems to Challenge Nvidia

Google has launched TPU 8tx and TPU 8i Max AI systems to enhance privacy and memory capabilities, aiming to compete with Nvidia.

user avatarKofi Adjeman

Nvidia's Stock Plummets Amid Scandal and Google’s AI Chip Launch

Nvidia's stock has dropped significantly following CEO Jensen Huang's admission of an extramarital affair, coinciding with Google's announcement of new AI chips.

user avatarNguyen Van Long

FATF to Review Jurisdictions with Weak Virtual Asset Oversight

The Financial Action Task Force (FATF) will review jurisdictions with longstanding shortcomings in virtual asset regulation to identify necessary actions for the upcoming plenary.

user avatarSatoshi Nakamura

Stellar Development Foundation Makes Strategic Investment in Marketnode

On October 29, the Stellar Development Foundation announced a strategic investment in Marketnode to enhance institutional access to tokenized investment products in the Asia-Pacific region.

user avatarJesper Sørensen

Tokenization Efforts in Wall Street Face Challenges

Tokenization efforts on Wall Street face challenges as major companies opt out, highlighting volatility and illiquidity in the market.

user avatarRajesh Kumar

NYSE Partners with Avalanche for Tokenized Securities Platform

The New York Stock Exchange has partnered with Avalanche to create a tokenized securities platform, aiming for 24/7 trading and settlement, pending regulatory approval.

user avatarLucas Weissmann

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.