The Fantom Network is blossoming yet again and showing that its DeFi ecosystem is expanding to new heights. Covered: Fantom Unique Addresses Surge SpookySwap DEX Trading Volume As DeFi climbs to new heights, Fantom is establishing itself as one of the biggest names in the game. After a rocky slew of FUD sent the Fantom […] The post Fantom Adds 16,000 Users As FTM Chart Showing Signs Of Life appeared first on CryptosRus.

Fantom Adds 16,000 Users As FTM Chart Showing Signs Of Life

The Fantom Network is blossoming yet again and showing that its DeFi ecosystem is expanding to new heights.

Covered:

  • Fantom Unique Addresses Surge
  • SpookySwap DEX Trading Volume

As DeFi climbs to new heights, Fantom is establishing itself as one of the biggest names in the game. After a rocky slew of FUD sent the Fantom blockchain into some turbulence, the most recent metrics are proving that despite the news, the Fantom network is more resilient than ever.

RECOMMENDED: FANTOM DEFI IS PRIMED TO OVERTAKE THIS BIG NAME COMPETITOR

Fantom Unique Addresses Surge

The Fantom Network is growing by the day, but the most recent surge in unique addresses marks the highest single-day increase in six weeks.

What’s particularly interesting is that the last time we had a daily surge of this magnitude on March 2nd, it marked the local bottom for the Fantom price before seeing a strong rebound — today’s surge also happens to line up with a similar price point for FTM. Let’s take a look at the price chart to see how the data lines up.

These prices could indicate that new entrants to Fantom are finding the current prices to be an attractive entry point. FTM might just be printing a double bottom here, just as the most recent highs marked a double top.

What’s also interesting to note is that FTM found its local bottom back in July 2021 in between the green 50-day estimated moving average (EMA) and the purple 100-day EMA. Will history repeat once more?

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SpookySwap DEX Trading Volume

Another interesting metric from the largest decentralized exchange (DEX) on Fantom, SpookySwap, is showing that Fantom truly boasts a much larger ecosystem than it once did. SpookySwap has been consistently settling over $1 billion in volume for 25 consecutive weeks.

Getting over that $1 billion threshold is a major deal for any blockchain — whether that’s in total value locked (TVL), market cap, or trading volume — it’s a psychological barrier that, once broken, can serve as a floor for further growth to build upon.

SpookySwap has also been hanging in the top 10 largest DEXs for months now — it appears that SpookySwap and Fantom have established themselves as two of the largest names in DeFi.

The post Fantom Adds 16,000 Users As FTM Chart Showing Signs Of Life appeared first on CryptosRus.