Fantom’s price has been moving in opposition to market sentiment. Large cryptocurrencies tend to trend downwards, but FTM is returning territory. Speculations surrounding Andre Cronje, the token’s founder are driving it to the upside.
— iamdefinitelyandre.ftm (@AndreCronjeTech) November 3, 2022
The Fantom price is trading at $0.2, with 17% profit within 24 hours, and 20% over the past seven days. Bitcoin and Ethereum continue to lose money, and they are in danger of falling back into their previous ranges after the bullish momentum is exhausted.
Fantom Price Makes A Comeback, Andre Cronje Too?
According to a report from Wu Blockchain, the popular and controversial developer Andre Cronje changed his LinkedIn biography to “Memes at Fantom Foundation.” This change has led to rumors about its potential comeback as a key project member.
Cronje is the so-called “DeFi Godfather”; he is behind some of the biggest protocols in the space, including Yearn Finance (YFI), Keep3r Network (KP3R), Fantom, and others. Andre Cronje along with others decentralized finance (DeFi), developers made public their decision to leave crypto.
Cronje cited regulatory uncertainty and the need to mature in the sector as reasons for his departure. Cronje’s departure hurt the Fantom price and the valuation of projects associated with his name.
Cronje hinted that he would be returning to Fantom Foundation in the last months. On May 23, the developer introduced a proposal to improve fUSD, Fantom’s native stablecoin.
The Terra crash caused havoc in the industry, and it also hurt stablecoins. Following is the statement of Fantom Foundation
fUSD does not equal UST
• fUSD is an over-collateralized stablecoin (similar to DAI) backed by staked FTM. UST didn’t have any backing.
• Users create fUSD by borrowing against their staked FTM.
— Fantom Foundation (@FantomFDN) May 18, 2022
Following Cronje’s proposal, the Fantom price saw significant appreciation rallying over 45% in a single trading session. But the rally was short lived as Cronje, the developer, remained at the back.
History Will Repeat Itself?
FTM’s price current bullish momentum is more conservative than in past occasions when there was speculation about Cronje’s comeback. Nevertheless, his influence on the DeFi space remains strong, as evidenced by the token’s price action.
Fantom could run out gas in the next few days if these rumors don’t hold true, leading to another major crash at previous support levels. The volatility should therefore be monitored by traders.
It’s interesting to me to see what will happen to this endless open interest. $FTM that chased the pump…
Stairs up, elevator… pic.twitter.com/ZsPOSKYRzM
— Clark (@CanteringClark) November 3, 2022