TL;DR
- Significant growth in trading volume on Fantom’s DEX.
- SpookySwap leads with a 163.3% increase in trading volume, reaching $81.8 million.
- FTM experiences an impressive 175% increase in less than a month, surpassing multiple resistances and generating expectations of a new bullish cycle.
In recent days, there has been significant growth in trading volume on decentralized exchanges (DEX) on Fantom, a blockchain network that has been gaining attention. This increase in trading activity has sparked the interest of analysts and enthusiasts, who are assessing the potential impact on the price of FTM.
According to data provided by Dune Analytics, the trading volume on most DEX platforms on Fantom has nearly doubled in the last week, indicating substantial growth in trading activity on this network. This increase in trading volume has been particularly notable on platforms like SpookySwap, which has experienced a 163.3% increase in trading volume over the last seven days, reaching a volume of $81.8 million.
In addition to the increase in trading volume, another relevant indicator is the number of monthly active addresses (MAU) on the Fantom network. Despite a decrease in volume since the summer of 2020, MAU on Fantom has remained consistently above 400,000 addresses, suggesting a solid and committed user base on the network.
Fantom Breaks All Resistances and Aims to Continue Growing
This increase in trading activity and the steady growth in the number of active users have led to renewed optimism about the price of FTM, Fantom’s native token. In less than a month, FTM has experienced an impressive 175% increase, rising from $0.3871 to $1.1530. This price increase has allowed FTM to surpass multiple resistances and has sparked discussions about the possibility of a new bullish cycle for the token.
Market analysts are closely monitoring this bullish trend on Fantom and suggest that the increase in trading volume could support a new bullish cycle for FTM. During the last bullish cycle, FTM experienced an increase of nearly 2,500% in less than four months, generating expectations for similar performance in the near future.
As the ecosystem continues to evolve and new initiatives and projects are developed, many are closely watching to see if this bullish momentum will continue and if Fantom will lead the next bullish cycle in the crypto market.
