Thursday, December 1, 2022
HomeDeFiFantom’s FTM token recovers losses following DeFi architect Andre Cronje withdrawing...

Fantom’s FTM token recovers losses following DeFi architect Andre Cronje withdrawing himself as developer

Following a drop on Sunday after DeFi architect Andre Cronje and his business partner said they would no longer be participating in the crypto market as developers, Fantom’s FTM token recovered some of its losses in European morning hours.

FTM has plummeted 8% in the last 24 hours, to $1.32 in early Asian hours, more than 60% below its all-time high of $3.46 set in October 2021.

As prices dipped today, Foundation CEO Michael Kong responded to investor concerns in a tweet. The Fantom ecosystem is made up of hundreds of developers that are working on a variety of fantastic apps. 

Kong verified that Multichain and Solidex, two of the largest Fantom projects by total value, will continue to operate with their current development teams. In the hours following Kong’s tweets, FTM gained ten cents. In the meantime, records show that price volatility caused FTM-tracked futures a little more than $6 million in losses.

 

Reporter of cryptoshrypto
Kunal is an investment space writer who firmly believes investment is something which should not be a choice but a part of everyone's life.
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