Will This Altcoin Lead the Bull Run in 2024: “Notable Developments”!

0

Subin An on X, a crypto data analyst at Hashed Phantom It has identified significant improvements in its decentralized ecosystem. According to An, decentralized exchange (DEX) volume on Fantom has decreased significantly since the DeFi summer of 2020. However, monthly active addresses (MAU) remained above 400,000 during the same period. observed.

The data analyst also noted that the volume of most DEXes on Fantom has almost doubled in the past week, indicating a potential upside for the ecosystem in the coming months. He also asked whether the Fantom Foundation’s layer-1 solution could support the expected increase as it has in the past.

An cited data from Dune Analytics when explaining his opinion. He highlighted the impressive performance of Phantom-based DEXs. Additionally, he noted that SpookySwap ranks top in terms of 7-day volume. The new DEX achieved $81.8 million in volume, an increase of 163.3% in the last seven days.

Many DEXes on Fantom have seen volume increases of over 200% in the past week, including Equalizer, Beethoven_x, and Curve. Such returns have led us to wonder whether the Fantom network will stage a repeat performance during the last bull run.

Increased activity in the Phantom ecosystem saw native coin FTM rise from $0.3871 in late February to $1.1530 in less than a month. With this rally, FTM gained 200% and broke above multiple resistances to start the bull run. The latest surge mimics the early stages of FTM’s rally during the last bull run, when the tier-1 solution gained nearly 2,500% in less than four months.

According to CoinGecko data, FTM is trading at $1.0571 at the time of writing and the price is showing signs of further upside potential. It is thought that the revival in volume could support the developing bull run and position Fantom as one of the leading solutions of the 2024 bull cycle.

You can access current market movements here.


source site-7