The Fantom price fell 22% and reached $1.32 after its key staff announced their departure.
Fantom has been in serious trouble since the departures of two prominent employees. Anton NellWithout providing details about their departures, Andre Cronje (a senior solutions architect) and, Andre Cronje (a prolific developer), were both described as “senior” architects.
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Coinmarketcap data shows that Fantom has experienced a dramatic decline in its value during the week. It fell 22% to reach lows of near $1.32 per Monday. Their total assets value has fallen by 60% since its peak.
The token’s peak came during January 16th, when it reached $3.3 per coin. Since then, there have been many decreases which eventually led up until now, where they’re currently sitting at just $1.32 each – a reduction of approximately 60%.
With all the information, many tokens saw their prices plunge.
Recently, the price of cryptocurrency has fluctuated with great uncertainty. Some gain and others lose. But one thing that remains constant is the importance each individual holds regarding their cryptocurrency’s value- whether through trading or holding.
News: Experts Review
Raj A Kapoor, the founder of India Blockchain Alliance, said, “the price fluctuation is a response to the news reiterates just how critical an individual can be to a crypto’s value.”
Cronje removed his Twitter account. Linkedin also indicated a change of affiliation with Fantom Foundation.
Edul Patel, CEO and Co-founder of Mudrex, believes that Cronje’s exit might influence DeFi space. “We’ll see sell-off initially, but it should be temporary,” he said with confidence.
Patel added developers continue building on the space, and one person’s exit will not cause turmoil because of their sudden change.
According to the analyst, investors might hit panic in light of recent volatility.
“The markets don’t like uncertainty,” said Pratik Gauri, founder, and CEO of 5ire. “Also, investors realized it may be overstretched in valuation,” he added.
Gauri said many people don’t know the reasons behind her sudden exit, but it will affect the price.
Ecosystem Fantom (FTM).
The Fantom ecosystem’s tokens followed suit and dropped down drastically. SpookySwap, LiquidDriver, Geist Finance and Tomb saw their prices drop by as much as 20%.
Fantom token sales have more than doubled over 24 hours.
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Patel, Mudrex:
DeFi’s trustless finance system would mean tokens could bounce back. It is a system in which the entire system cannot be influenced by any one person.
“A lot of other projects were dependent on Yearn and Fanton. It’s a DeFi network for all of your favorite blockchains,” said Gauri, “and it has over 80 DApps on there.”
The data suggests that 80% of Fantom’s total supply is available in the market, with its maximum cap at 3,175,000,000 tokens. There are 2,545,006,273 tokens currently in circulation.
Raj A Kapoor suggested hunting for more opportunities.
Gas pricing is a major problem for Fantom. The unpredictable volatility may pass, but in a crypto arena that’s getting crowded, Fantom may not be worth that wait.
Featured image from Pixabay, chart from Tradingview.com