Fantom Foundation to conduct a major rebranding of the project
Date: 2025-01-16 Author: Oliver Abernathy Categories: BUSINESS
Over the past seven days, the Fantom token (FTM) has fallen by almost 18%, indicating a decrease in investor interest. According to CoinMarketCap, this is accompanied by a slight increase in intraday trading volume. Experts attribute the price drop to Coinbase’s recent decision to delist FTM from Coinbase International and CoinBase Advance, starting January 24.
At the moment, FTM is showing weak dynamics, remaining below key support levels such as the 50-, 100-, and 200-day moving averages. Analysts believe that the $0.60 mark will be a critical support level. If it is broken, the price may fall to $0.40.
Fantom Foundation is confident that the upcoming rebranding and introduction of new features will help stabilize the situation. One of the key initiatives will be the renaming of the FTM token to Sonic, and the updated ecosystem will be aimed at increasing community activity and increasing demand for the asset.
The rebranding also involves improving security, increasing the efficiency of liquid staking, and increasing the network throughput to 2,000 transactions per second using Zero-Knowledge technology. These changes are designed to make the project more competitive against other blockchain initiatives.
Earlier, Fantom Foundation CEO Andre Cronje announced the temporary withdrawal of the fund's funds from liquidity pools on SushiSwap to minimize the risks associated with the Multichain bridge. This decision underlines the project team's commitment to ensuring security in the volatile cryptocurrency market.
