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Fantom (FTM), the Directed Acyclic Graph (DAG) smart contract platform has impressively broken its bearish dormancy today. Available market data shows the price of Fantom has printed a parabolic run, surging 11.05% to $0.2254. This impressive growth surge has also strengthened the coin's growth in the trailing 30-day period, in which it jumped as high as 20%.
Fantom, by design, developer activity and use case, is primed for growth. However, the protocol has recorded a fairly deepened drawdown in recent times, with prices falling from $0.2077 on Oct. 2 to a low of $0.1738 recorded on Oct. 10. The current price level is the highest Fantom will be printing month to date (MTD), lending a somewhat unique possibility to its ambitious run to retest the $0.25 price level.
The revival within the Fantom ecosystem is visible and definitive. While there is no immediate announcement from the protocol, users generally gravitate toward accumulating the coin, seeing its great discount from its near-term highs.
With this growth, Fantom is poised to see a more defined surge even though a potential correction might be recorded in the short term.
Fantom growth mimics Shiba Inu's
Fantom's current growth mimics that of Shiba Inu as the meme coin is also witnessing a remarkable jump in its price action.
Shiba Inu is also up by 5% to $0.000007181, with the trading volume for both protocols displaying close similarities. While the volume for SHIB has soared as high as 42.96% with a total of $142.48 million traded thus far, that of Fantom is up 45% with volume up $107.06 million.
While this correlation appears strong, it does not imply that it will last very long, seeing as both Fantom and Shiba Inu address different value propositions in their respective ecosystems.
Arman Shirinyan
Alex Dovbnya
