Recently, Fantom has notify Reached a new milestone of having over 50 million unique addresses on the network. This is a commendable achievement when the annual growth rate exceeds 1700%.
Don’t rush to be happy!
While the growth in the number of unique addresses looks promising for this blockchain, the number of daily active users does the opposite.According to the data display token terminalthis number has decreased over the past 30 days.
The same trend is seen in the number of successful transactions on the network. Given the current situation, will the increase in the number of unique addresses be enough for Fantom to remain strong in Q2 2023?
source: token terminal
A close look at Fantom’s on-chain performance reveals many shortcomings. For example, developer activity has plummeted over the past 30 days. Overall, this is a red flag for blockchain.
Not only that, but negative sentiment surrounding FTM has also spiked, indicating that investor confidence in the network has declined.
project increased most exist Season one will work OK exist Q2?
In a tweet published on April 6, 2023, Fantom Insider stated that FTM ranks third in the list of cryptocurrencies with a percentage price increase in the first quarter of 2023.
📈 Check out blockchains by % price increase for Q1 2023
👉 @FantomFDN Growth is good, with a growth rate of up to 110.62%
The market is pumping!
what price do you expect #Fantom Impact next quarter?#winner $FTM #FTM #FantomInsider pic.twitter.com/BWsm5OEjyz
— Fantom Insider (@fantom_insider) April 6, 2023
However, growth appears to have stalled. The downward momentum can be attributed to the current market conditions, which makes it difficult for most coins to push the price higher.
According to data from CoinMarketCap, the price of FTM has only increased by nearly 1% in the past seven days. At the time of writing, it is trading at $0.463 with a market cap of over $1.2 billion.
more and more difficult
Santiment data reveals a number of indicators pointing to a possible downtrend in the coming days. A few days ago, there was a surge in FTM inflows to exchanges, which could be considered a bearish signal.
The supply held by top addresses is also down slightly from last month, indicating that whales have less confidence in the coin. However, the network growth rate has increased, which means that many new accounts are used to transfer tokens.
light at the end of the road
While the indicators are all down, the daily chart for Fantom is showing signs of recovery. Chaikin Money Flow (CMF) is rising, which is a win-win for buyers.
The Exponential Moving Average (EMA) bands show a bullish crossover as the 20-day EMA flips over the 55-day EMA. FTM’s Money Flow Index (MFI) is also hovering above neutral, offering bullish hope for the days ahead.
source: Transaction View
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