Fantom is Ethereum compatible, allowing users to run Ethereum Dapps.
SHIB rose to prominence last year after seeing a 45,000,000% increase in value.
Fantom looks to be trading in an oversold area, but buy indications are beginning to surface. FTM must hold above a critical support level for the bullish view to be confirmed. The value of the FTM token on the Layer 1 network has dropped by more than 45% in the last two weeks. A high of $2.08 on March 2 turned into a low of $1.14 on March 11.
FTM is now trading at a critical support level that has been challenged twice since early 2021. FTM’s recovery chances are good as long as it holds around the recent swing low of $1.14. If purchase orders surge at the current price, FTM may be able to rise toward $1.44 or perhaps $1.73.
Front-runner to Repeat Similar History
Shiba Inu rose to prominence in the crypto industry last year after seeing a 45,000,000% increase in value. Fantom seems to be the front runner to repeat similar results in the future. Fantom has numerous significant advantages. First and foremost, it’s quick and inexpensive. The time it takes the network to validate the completion of a given operation is used as a metric for measuring the success of a transaction.
Secondly, a fraction of a penny in transaction costs is also a consequence due to the speed of the transaction that Fantom exhibits. Thus, there is a high possibility that Fantom can follow the footsteps of Shiba Inu and treat investors with colossal ROI.
Furthermore, Fantom is Ethereum compatible, allowing users to run Ethereum decentralized apps (Dapps) on it. This should satisfy developers and users alike. Fantom has already released almost 80 of them on Dapps, According to CoinMarketCap, today’s Fantom price is $1.22 USD with a 24-hour trading volume of $723,681,544 USD. Fantom is up 1.18% in the last 24 hours.