Crypto:
30351
Bitcoin:
$64.175
% 0.12
BTC Dominance:
%54.1
% 0.13
Market Cap:
$2.34 T
% 0.00
Fear & Greed:
53 / 100
Bitcoin:
$ 64.175
BTC Dominance:
% 54.1
Market Cap:
$2.34 T

Fantom’s FTM Emerges as Top-Performing Non-Meme Token in Last 30 Days

Ftm Price Prediction

Fantom’s upcoming Sonic upgrade, set to amplify transaction processing speeds, seems to have sparked notable investor enthusiasm in the cryptocurrency realm.

Over the past four weeks, Fantom’s FTM token has surged by more than 190%, marking an impressive rally. This surge is potentially attributed to anticipation surrounding the network’s forthcoming Sonic upgrade, anticipated to propel the ongoing bull run.

The recent testnet of the upgrade has showcased accelerated transaction processing speeds and quicker finality times.

Fantom, a layer 1 blockchain, has witnessed its native token FTM soar by over 190% in the span of four weeks, distinguishing itself as the top-performing non-meme cryptocurrency among the top 100 digital assets by market capitalization.

According to data compiled by CoinGecko, FTM’s price has catapulted from 40 cents to $1.16, reaching its highest point since April 2022. Concurrently, the token’s market capitalization has surged to $3.29 billion, positioning it as the 44th largest digital asset globally.

In contrast, Bitcoin (BTC), the leading cryptocurrency, has experienced a 28% rally over the same period, while Ethereum, the second-largest cryptocurrency, has gained nearly 20%. The broader market, represented by the CoinDesk 20 Index, has seen a 33% increase.

The impending Sonic upgrade, slated to bolster transaction processing speeds, appears to have spurred heightened interest from investors. Scheduled to replace the existing Opera mainnet in the upcoming spring season, Sonic’s testnet went live in October of the previous year.

During closed testnet sessions with simulated traffic, Sonic demonstrated a maximum theoretical throughput of 2,000 transactions per second (TPS) alongside a time to finality of 1.1 seconds. In comparison, the current Opera mainnet registers a throughput of just 3.2 transactions per second.

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Beyond enhancing transaction speeds, the upgrade introduces the Fantom Virtual Machine (FVM), designed to significantly accelerate smart contract execution. By translating Ethereum Virtual Machine’s (EVM) code into its format, FVM facilitates seamless transition for developers. This backward compatibility allows popular Ethereum-based decentralized applications to seamlessly migrate to Fantom.

“Fantom Sonic unlocks new possibilities for the Fantom ecosystem, particularly in decentralized finance (DeFi) platforms, blockchain games, high-frequency applications, and the Internet of Things (IoT),” stated Reflexivity Research in a report released last month. The enhanced throughput and efficiency of Sonic enable smoother operation of DeFi platforms, richer gaming experiences, efficient handling of microtransactions, and secure IoT data exchanges.

Despite the anticipation surrounding the upgrade, investor interest in Fantom’s decentralized finance ecosystem is yet to witness a notable resurgence.


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