The Fantom ($FTM) coin powering the network of the same name has crashed 5% in the last 24 hours, as the crypto market posted a heavy overnight contraction of 3.8% to hit $2.38 trillion.
Although Fantom is not blockchain-based, the token appears to be sharing the fate of most crypto projects today.
Market leader Bitcoin ($BTC) falling 2% down to $66,052, while its closest contender, Ethereum ($ETH) posted severer losses of 3.4% to trade at $2,532.
The Fantom Coin: Primer and Price Analysis
Fantom’s OPERA mainnet went live in 2019. Like a blockchain, the network functions as a high-functionality smart contract platform where developers can create decentralized applications (dApps).
However, unlike blockchains, which process transactions in groups called “blocks” along a chain, Fantom employs something called a Directed Acrylic Graph (DAG) which stacks transactions on top of each other as vertices, more akin to a graph.
Over the last three month’s, Fantom has encountered new resistance levels, as shown by the diagonal red line below. The token is currently trading at a five-month high and has almost doubled in price since September, although it’s still 80% down from its all-time high of $3.46, posted on October 28, days before the FTX meltdown.
Fantom’s relative strength index is currently 30 and falling, which means the coin is now oversold and it may be posting green candles again by tomorrow.
Fantom is currently up 200% from its price on October 23, 2023.
This makes it a better-performing asset over the years than both Bitcoin and Ethereum. The former rose 112% while the latter rose 50% in the last 365 days.
Traders Exit Fantom, Pile Into Vote-To-Earn Meme Token Flockerz
Fantom’s DAG network token remains a great trade for people who want to invest in some of the exciting innovations around crypto. However, as a Layer 1 token, its price is broadly fated to track the movements of Bitcoin and Ethereum.
However, in the vibrant and eclectic world of Web3, decentralized innovation is even beginning to enter the meme coin sector.
Many projects are launching, which give investors multiple avenues to earn consistent rewards, all while keeping the fun, volatility and viral marketing of meme coins.
While the Fantom sell-off was occurring, meme coin fans have been piling into a new vote-to-earn (V2E) meme coin called Flockerz ($FLOCK).
Its presale launched last month and has rapidly raised nearly a million dollars ($995,780 at the time of writing).
Touting itself as “The People’s Meme Coin,” Flockerz offers crypto fans unrivalled community-building incentives and staking rewards.
Holders of Flockerz (known as “The $FLOCK”) are integral members of a decentralized autonomous organization (DAO) called Flocktopia, where they can draft and vote on governance and improvement proposals.
This structure ensures community consensus dictates the decisions rather than a centralized authority.
Some 25% of the project’s 12 billion $FLOCK meme coin supply is for staking, with the protocol offering stakes eye-watering yield of 1,703% on the tokens they lock up over a two-year staking period.
Flockerz is a transparent and fully audited project.
That’s why Coinsult audited its smart contract, to give investors peace of mind.
Furthermore, Flockerz is eyeing up listings on both centralized and decentralized exchanges (CEXs and DEXs), so it has global ambitions, like Bitcoin Cash. The vote-to-earn mechanism will launch after listings.
Hold on, because this $FLOCK is taking off!
Join now. Follow Flockerz on X and Telegram.
Visit the Flockerz Presale Website
The post Fantom Plunges 5% – Could This Be the Start of a Massive Crash While a Rival Coin Surges? appeared first on Cryptonews.
