When the number of transactions and fees on the Fantom (FTM) network rose to an unprecedented level in a long time, all eyes turned to the reason.
The cryptocurrency market focused on the sudden increase in activity on the Fantom network. According to on-chain data, November 22 day’s all-time high to 2.945 million reached. However, the network gwei is around 11 thousand sat down. According to experts, the reason for this sudden increase is a new current on the network. FRC-20 due to the increasing demand for its tokens.
FRC-20 is just like the Bitcoin network. BRC-20 Ordinals It represents the tokens printed on the Fantom blockchain, like the craze. Users minted a large number of FRC-20 tokens and their trading accelerated, causing the network to swell in a short time.
A similar situation occurred recently Avalanche (AVAX) It was also seen on the network. A few days ago on Avalanche popularity winning and springing up like mushrooms ASC-20 The tokens had significantly increased network activity and sent transaction fees through the roof.
A similar situation occurred recently Polygon (MATIC) network and network activity reached a record level.
According to CoinGecko data, with this activity in the Fantom network, the FTM price has increased in the last 24 hours. 1.5% rose. If this movement on the network continues, the price will increase in the coming days. to higher levels is thought to be achievable.
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Related article: Is It Rally Time for Ethereum Rival Altcoin: Network Activity Hits a Record!
Network Activities are Reaching a Record in Altcoin: What Will the Effect Be on the Price? The article titled was prepared by Tugay Erdem and published on koinbulteni.com.
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