FTM price movement following the reveal of millions in USD within its reserves

Fantom (FTM/USD), according to a post by André Cronje, a well-known Decentralized Finance (DeFi) developer and the author of many crypto projects, showcased a detailed insight into the project’s finances.

The project holds millions in USD in its reserves in the form of FTM, stablecoins, crypto, and non-crypto assets. 

Fantom is a directed acyclic graph (DAG) smart contract platform purpose-built to enable DeFi services to developers using its own consensus mechanism known as Lachesis and is powered by the in-house FTM token.

The reserves reveal as a catalyst for growth

In the latest Fantom news, according to the reveal by Cronje in the blog post, Fantom currently holds over 450 million Fantom (FTM) tokens, with $100 million in stablecoins and $100 million more in crypto assets. Fantom also holds half of that in non-crypto assets.

The project also has a payroll of $7 million per year, which the developer claims allows it to maintain its operation for another 30 years without ever touching its FTM holdings. Fantom is earning $10 million per year, according to the report. 

In February of 2021, 81.5 million FTM tokens were sold to Alameda Research, where the company refused to cooperate with the trading firm and refused to pay the unnamed exchange $300 million to list FTM. 

Should you buy Fantom (FTM)?

On November 29, 2022, Fantom (FTM) had a value of $0.2149.

FTM/USD Chart by Tradingview

The all-time high of Fantom (FTM) was on October 28, 2021, at a value of $3.46.

Here we can see that Fantom (FTM) was $3.2451 higher in value, or 1,510% higher at its all-time high.

When we go over its 7-day performance, Fantom (FTM) had its low point at $0.165767, while its high point was at $0.217546. Here we can see a difference of $0.051779 or 31%.

However, when we take a look at its 24-hour performance, Fantom (FTM) saw its low point at $0.190301, while its high point was at $0.219541. This marked another price difference of $0.02924 or 15%.

Investors will want to take this opportunity and buy FTM as it can climb to $0.32 by the end of December 2022.

The post FTM price movement following the reveal of millions in USD within its reserves appeared first on Invezz.