Erratum: A section of this article was updated to remove a factual error, which was corrected at 09:51 UTC time. A paragraph in the article stated that Fantom saw a daily gain of $7.5. The token was actually up 7.5%. The article has been amended and updated.
- Fantom saw a surprising 14% increase in price without a clear reason.
- Last week, Fantom’s CEO talked to a Formula 1 driver about Fantom NFTs.
- The platform’s high performance made it attractive for NFT devs.
Fantom, a high-performance blockchain platform, experienced an unexpected surge on Wednesday. The Fantom token increased by as much as 14% to a high of $0.466.
The token has since settled at $0.45, registering a daily gain of 7.5%. Even at that level, Fantom outperformed most major altcoins, including Cardano, XRP, and LINK.
The reason behind the surge is not clear. The most recent news about Fantom is its CEO’s attendance at Paris Blockchain Week.
There, Fantom CEO talked to Formula 1 driver Pierre Gastly, who recently launched his own NFT collection – on Fantom.
Fantom and NFTs
Fantom’s blockchain provides instant and affordable transactions for dApp developers. The platform uses a Directed Acyclic Graph (DAG) consensus algorithm, which enables high performance. Fantom is also highly interoperable with other blockchains, allowing for the easy exchange of assets between different platforms.
These features have made the blockchain network an interesting choice for NFT users. With Fantom, developers can create NFTs with lower gas fees and faster transaction times than other platforms. Additionally, Fantom’s interoperability with other blockchains allows for the easy exchange of NFTs between different platforms.
On the Flipside
- Fantom’s sudden surge could also indicate low liquidity in the crypto space.
- Tokens with relatively low trading volume can experience relatively high volatility.
Why You Should Care
Fantom’s unexpected surge highlights the volatility of the cryptocurrency market and the potential for sudden price increases or decreases.
Read more about Paris Blockchain Week
Paris Blockchain Week Sees Tech and Culture Meet in Web3