The Fantom blockchain’s native token FTM rose sharply in the crypto market today, as traders jumped on a chance to buy the token amid a decentralized finance (DeFi) user frenzy on the increasingly popular blockchain. Meanwhile, the meme coin shiba inu (SHIB) came crashing down hard, after a massive rise over the past week.
At 11:21 UTC, FTM was up 27% over the past 24 hours to trade at a price of USD 2.32. The strong gains had positioned FTM as today’s best-performing token among the top 100 cryptoassets by market capitalization, before it got overtaken by harmony (ONE) later in the day with a gain of nearly 28%.
Looking at the week as a whole, FTM’s gain becomes even more impressive, with a rise of 92% for the past 7 days. The rise made the token the week’s second-best performer, behind only SHIB and its massive 209% gain.
The sharp rise for FTM comes as the total value locked (TVL) in DeFi on the Fantom blockchain reached USD 8.42bn today, following an extreme rise starting on October 6.
As pointed out by the DeFi investor, known as Danger on Twitter, Fantom’s TVL figure is nearly double that of Avalanche (AVAX) – another hot up-and-coming chain among DeFi users – while FTM still has a market capitalization that is less than half of AVAX.
And although this does not necessarily mean that FTM is a steal, it does suggest that the token may be a better buy at current prices from a relative value perspective.
At press time, FTM’s market capitalization stood at USD 5.8bn, while AVAX had a total market cap of USD 14.2bn.
Meanwhile, this week’s best performing token by far, the meme coin shiba inu, came down hard today, after a largely unexplainable pump earlier this week.
At 11:21 UTC, SHIB was down by 33% over the past 24 hours, trading at USD 0.000022. However, the token is also up by more than 270% for the past 30 days.
Other than a series of tweets from Tesla chief Elon Musk with pictures of a Shiba Inu puppy, and September news about an upcoming Shiba Inu-themed non-fungible token (NFT) collection, it is difficult to point to any real drivers behind the rollercoaster moves made by what was originally promoted as the “dogecoin killer.”
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