Fantom ($FTM) has outperformed all other Layer 1 tokens this week and risen 10% amidst a flurry of recent activity on the network, with FTM trading at $0.80 at the time of writing.c
Crypto’s two biggest coins, also Layer 1 coins, couldn’t keep the pace over the seven days.
Bitcoin ($BTC) grew 5% over the week to trade at $66,234 while Ethereum (ETH remains virtually unchanged at around $3,020.
The main reason investors are piling into Fantom right now is anticipation for the network’s new Sonic upgrade. Sonic will boost the network’s throughput from current levels of between 1.5 to 2.5 transactions per second to 2,000 tps.
Fantom says the network will be upgraded once the new software hits two thirds of the validator nodes. As of today, 25 of 60 nodes have upgraded to Sonic.
On Fantom’s chart for the last three months, we can see a marked decline since mid-March, in line with Bitcoin’s fall from a recent all-time high set that time.
For the last month, FTM has been caught in a narrow price range of between $0.60 and $0.80 so today’s price could be the first sign of a breakout.
It’s supported by a stable Relative Strength Index (RSI) of 54.
With the weekend coming up, it’s important to see how the price plays out over the weekend for some insight into how the week will unfold.
Diversify Fantom and Layer 1 Holdings With Meme Coin Trading Bot Companion WienerAI
Investing in a Layer 1 token is essentially betting on a network and all the projects sitting on it.
Investors who recognize the technical capabilities of Fantom or Ethereum are more confident in these blockchains as robust platforms for DeFi applications, compared to those who invest without such knowledge.
Both Fantom and Ethereum are made to scale and are constantly optimizing.
However, Layer 1 tokens can have more subdued rallies, since they’re a bet on whole ecosystems rather than single projects.
That’s why it’s always good to diversify Fantom and other Layer 1 token holdings with tokens underpinning some of the specific applications built on a blockchain.
On the surface, WienerAI looks like a meme coin, but it’s a bit more than that.
It’s a doggy leap into blockchain’s great potential once AI comes on-chain.
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— WienerAI (@WienerDogAI) May 17, 2024
The presale is only a month old, and it has already taken a tidy $2 million in investments.
Touted as a “Revolutionary AI Trading partner”, WienerAI ($WAI) is a digital companion that gives its owners user-friendly AI-enhanced trading advice, seamless swap functionality and zero fees.
Blockchain security platform Coinsult audited WienerAI’s smart contract.
Around 20% of $WAI’s supply is for staking.
WienerAI’s website offers buyers the ability to stake during the presale, in order to take advantage of the lucrative yield, which is currently 485% APY.
Stay on top of WienerAI news over on X and Telegram.
Join the presale now over on the WienerAI website.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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