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

HTX Strengthens Global Compliance and Showcases at TOKEN2049

HTX has made significant strides in global compliance initiatives while participating in TOKEN2049, a major event in the crypto industry held in Singapore.

user avatarDiego Alvarez

SEC Files Charges Against Richard Heart for Fraud

The SEC charged Richard Heart and his entities with conducting unregistered offerings of crypto asset securities.

user avatarMaria Fernandez

HTX Marks 13th Anniversary with Major Celebrations and Trading Events

HTX celebrated its 13th anniversary with major events, including the Anniversary Carnival and Trading Championship 3, highlighting its resilience in the crypto market.

user avatarKenji Takahashi

Richard Heart Arrested in Istanbul on Interpol Charges

Richard Heart, founder of Hex cryptocurrency, was detained in Istanbul under an Interpol Red Notice for aggravated tax fraud.

user avatarGustavo Mendoza

MediaMarkt Saturn Ceases Sales of Ledger Devices Amid Security Concerns

MediaMarkt Saturn has stopped selling Ledger devices due to security concerns following a customer report of a hidden implant.

user avatarRajesh Kumar

Binance Expands into Traditional Finance as Mining Pool Closes

As Binance prepares to shut down its mining pool, the exchange is expanding into traditional finance by providing access to over 7,000 US stocks and ETFs for customers outside the United States.

user avatarMiguel Rodriguez

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.