Fantom (FTM) has made a dramatic shift in its performance to join the ongoing market rally after soaring 18% over the past 24 hours. With its latest price action, Fantom has now seen its price touching $0.4239, marking the highest level the coin has grown since May 2023.
At the current level, Fantom is now up by more than 27% for the week, and from the past year to date, it has grown by 72%, suggesting the coin is also leveraging the general bullish market sentiment. Fantom has had rough year, with the directed acyclic graph (DAG) smart contract protocol hitting its lowest price point of $0.1758 on Oct. 19.
This dramatic plunge in Fantom’s price came after the exploit of its heavily connected Multichain protocol, a development that promptly dampened sentiment in the coin’s ecosystem overall. With users losing millions to the ordeal, many lost faith in Fantom and shifted liquidity to other protocols with promises.
Rather than give up its vision to revolutionize Web3, the Fantom Foundation doubled down on its development efforts and promptly introduced new system upgrades as well as palliative measures to help impacted stakeholders deal with the pangs of the Multichain implosion.
Is Fantom finally back?
Though not a stellar performer as concerns market cap, Fantom’s growth was derailed by the Multichain saga. The current price outlook at this time is changing the narrative and suggests that the coin may finally be back in action.
Over the past few months, Fantom has introduced defined ecosystem boosts to power growth. One of the latest, as reported earlier by U.Today, is the distribution of over 505,000 FTM to about 12 projects in its gas monetization program.
This grant was scheduled to bolster on-chain activities, a move that finally proved to be yielding dividends with the current price action.