By Franklin Smith
Fantom Foundation published its bi-weekly ‘Fantom General Update’ on July 4. It termed the Chainlink VRF and Chainlink Keepers as the significant platform upgrade on Fantom within the past 14 days.
This timeframe saw the FTM price surging towards the $0.31 high before bears triggered a retracement. Did the previous two weeks ensure investor relief following steady price plunges in June? Let’s check.
Price Highs Before Tumbling
FTM token noted a 25% upswing between June 20 and June 25, climbing from $0.24 to the peak of $0.31. Nevertheless, price retracement followed the leg up, triggering plunges for the Fantom token.
The alternative coin has dropped more than 16% since June 25. While publishing this content, the alt traded with bearishness at $0.2576.
Also, its market cap explored the $803.28 million highs on June 25. This number has plunged towards $655M at this publication.
Coinmarketcap data shows FTM prices lost more than 3% within 24 hours. For now, the alternative token trades near August 2021 zones. That means nearly 93% down from the $3.38 all-time high.
On-Chain Analysis
The previous two weeks saw overall transacted FTM token on the platform on a gradual drop. While publishing this blog, transaction volume hovers 50% lower from the June 21 high at 20.84 million. It plunged to $39.39M from $76.83 million over the past two weeks when quantified in the U.S dollar.
Moreover, addresses that interacted with FTM saw steady growth towards the 744 high by June 29. Meanwhile, the metric resorted to downtrends since then.
While publishing this blog, daily active addresses hovered at 397. Also, new wallets joining the Fantom blockchain noted a 329 high on June 2. While writing these lines, new addresses stood near 144.
Despite the declines, the Chainlink VRF and Chainlink Keepers integration on the Fantom blockchain ensured that the downtrend rate in development activity wasn’t severe. While publishing this blog, this metric hovered at 13.33, reflecting a 1.8% drop from 13.53, seen two weeks ago.
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Editorial credit: Dennis Diatel / shutterstock.com
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