The Fantom (FTM) coin, which supports the Fantom network, experienced a 5% drop in the past 24 hours as the broader cryptocurrency market saw a contraction of 3.8%, reducing its total valuation to $2.38 trillion. Despite not being based on blockchain technology, Fantom shares similar market dynamics with other crypto projects.
Market leaders like Bitcoin ($BTC) fell by 2%, trading at $66,052, while Ethereum ($ETH) experienced a larger decline of 3.4%, bringing its value down to $2,532.
Fantom Network and Its Unique Technology
Launched in 2019, Fantom’s OPERA mainnet operates as a smart contract platform, enabling developers to build decentralized applications (dApps). Unlike traditional blockchains, which arrange transactions into “blocks” within a chain, Fantom employs a Directed Acrylic Graph (DAG) structure. This approach stacks transactions as vertices, resembling a graph rather than a linear chain.
Over the past three months, Fantom has faced resistance, as indicated by recent price trends. Currently, FTM trades at a five-month high and has nearly doubled in value since September, even though it remains 80% below its all-time peak of $3.46, reached on October 28 before the FTX collapse. Fantom’s relative strength index (RSI) sits at 30, indicating it is oversold and could experience an uptrend soon. Despite recent market conditions, Fantom is up 200% from its value on October 23, 2023, outperforming both Bitcoin and Ethereum, which gained 112% and 50%, respectively, over the past year.
Traders Shift to Vote-To-Earn Meme Coin Flockerz
Despite its strong technological foundation, Fantom’s price often mirrors the fluctuations of leading cryptocurrencies like Bitcoin and Ethereum. Meanwhile, the Web3 space continues to evolve, with decentralized innovations extending into the meme coin sector. One such emerging project is the vote-to-earn (V2E) meme token, Flockerz ($FLOCK), which has been gaining traction.
Flockerz’s presale, launched last month, has quickly raised $995,780, branding itself as “The People’s Meme Coin.” The project incentivizes community involvement and rewards holders through staking. Members of the Flockerz community, known as “The $FLOCK,” participate in a decentralized autonomous organization (DAO) called Flocktopia, where they can propose and vote on governance and project improvements, ensuring a decentralized decision-making process.
Flockerz Staking and Future Plans
The Flockerz project has allocated 25% of its 12 billion $FLOCK supply for staking, offering impressive yields of 1,703% for those who lock up their tokens over a two-year period. This staking initiative aims to foster long-term commitment within its community.
Flockerz stands out for its transparency, having undergone a smart contract audit by Coinsult to reassure investors. The project is also planning listings on both centralized and decentralized exchanges (CEXs and DEXs) in pursuit of global expansion. Its vote-to-earn feature is set to launch after the exchange listings.
The $FLOCK community is gaining momentum, with supporters encouraged to join and follow Flockerz on X and Telegram. The project is poised for rapid growth, and investors are eager to see where the journey leads.
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