Go Beyond Shiba Inu, Fantom (FTM) Becomes The Most Traded Token On The Ethereum Blockchain

JAKARTA – This Fantom (FTM) cryptocurrency has succeeded in surpassing the Shiba Inu (SHIB) meme token as a token with very high trading transactions. FTM trades are carried out by around 1,000 Ethereum whales. However, SHIB is still the token with the highest market capitalization compared to FTM.

According to the WhaleStats whale movement tracker report, FTM is currently the ERC-20 token that has the “highest number of transactions among the top 1,000 Ethereum wallets” in the last 24 hours.

Reporting from CryptoGlobe, Fantom is a “high-performance, scalable and secure smart-contract platform. It is designed to overcome the limitations of previous generations of blockchain platforms.” The platform aims to be faster and cheaper than the old “yet very secure” blockchain.

On the other hand, FTM has lost around 40 percent in value in the past month due to a sell-off due to the effects of Russia's invasion of Ukraine. Rising inflation in major countries also contributed to the decline in FTM prices.

Not to mention that important figures in the industry, namely Andre Cronje and Anton Nell, have decided to leave Fantom and Yearn Finance. The withdrawal of the two architects FTM and YFI affected the fall in the value of the two cryptocurrencies.

In a statement shared by the Fantom Foundation on social media, Cronje said that for a while he had decided to move away from the decentralized finance (DeFi) space. Cronje admits that “the Fantom team has honored my involvement with them.” In addition, he also believes that FTM is on the "right technological path, and I have no doubt that they will continue to succeed."

Even so, Fantom's total locked-in value (TVL) has decreased from 12 billion US dollars to 6.7 billion US dollars in the past week. This was driven by the factor of Cronje's resignation from the project.

However, Fantom's transactions have increased significantly. Currently, FTM is the most traded token among the Ethereum whales. Most of the whales also own SHIB and the native token of the FTX crypto exchange, namely FTT.

Anton Nell himself announced the reason for his departure with Cronje in a Twitter tweet. Nell stated that “Andre and I decided to close the contribution sheet to the defi/crypto space.”

At the time of writing, the price of Fantom (FTM) is trading at the level of IDR 15,968. In the past week FTM plunged 21.4 percent, according to data from Coingecko. Meanwhile, the highest price of all time (ATH) was at the level of IDR 49,124, which occurred on October 28, 2021.