When Rumors Spread, This Altcoin’s Price Jumped!

Celebrity who hasn’t been on Twitter for about a year and a half altcoin Andre Cronje, the developer and founder of many projects, suddenly broke his silence.

Thanks to a new image and a nickname with the “.ftm” domain name, the legendary DeFi architect is able to take on one of his key projects. Phantom (FTM) raising its price, it resurfaced with the accompanying gossip.

Chart showing the jump in the price of the FTM altcoin.

The Source of Rumors About the Phantom Altcoin

Rumors of his return began to circulate when Cronje wrote a post on Medium last week discussing the multiple factors that contributed to the recent market crash. The DeFi founder also took advantage of this opportunity to demand additional regulatory changes in the industry.

Considering that he was away from all projects in March of this year, Cronje’s reappearance, especially with the Phantom news, came as a complete shock.

The departure of the DeFi developer at that time caused a sharp decline for all coins and tokens associated with it. However, the prices of YFI, FTM and KP3R received positive reactions in the market after the rumor started to circulate.

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Phantom lost $3.62 billion in market capitalization while their veteran developer Andre was away. FTM is currently trading at less than $0.3 per altcoin.

However, even without its main architect, FTM cryptocurrency has stayed true to its tokenomics in recent months; Some of its supply was burned, staking rewards were withdrawn, and contributors from Gitcoin were rewarded.

Cronje is known as the originator of the DeFi concept and has played a role in the development of many applications such as Yearn Finance, Keep3rV1, PowerPool, SushiSwap, PowerPool, CreamV2.

*Not investment advice.


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