Whale Activity Soars: Fantom (FTM) Hits 60% Before Sonic Migration

Fantom (FTM) Soars 60% Amid Sonic Migration

In just three weeks, the FTM token has surged from around $0.38 to $0.66, marking a remarkable 60% growth. This gradual increase is primarily driven by FTM’s ongoing migration to Sonic ($S). The transition relies on validators updating their nodes, with 70% of validators having completed the upgrade. Once this reaches 100%, the chain will fully transition into Sonic.

Crypto experts believe that FTM tokens will continue to experience an uptrend until the migration is complete. Once Sonic delivers on its promises of enhanced scalability and security, we may see a significant long-term uptrend in both $FTM and $S, attracting institutional whales to the platform.

Fantom’s Migration to Sonic: A Timeline

The migration process was initiated due to new competitors in the EVM chain landscape and the Fantom Foundation’s struggles with scalability. Here’s a brief timeline of key events:

• October 2023: The Fantom Foundation launched Fantom Sonic, a layer 1 solution on the Ethereum blockchain featuring a new EVM (FVM, the Fantom Virtual Machine) and improved storage capacity. It was initially released as a testnet.
• December 2023: Fantom Sonic was transferred to Sonic Labs, inviting developers to create decentralized applications (dApps) with a reward pool of 1 million FTM for top contributors.
• February 2024: Sonic achieved a 95% cost reduction for running the mainnet’s archive nodes, drastically improving storage efficiency and synchronization speed.
• March 2024: Transactions per second for Sonic reached 2,000, handling over 180 million transactions daily while attracting new partners and investors.
• June 2024: Fantom launched a Sonic Labs Innovator Fund, allocating 200 million $S coins to promote dApp adoption.
• July 2024: Fantom partnered with Alchemy to enhance scalability, significantly increasing transaction speeds on the Opera platform for dApp development.
• September 2024: The migration achieved 70% completion, with plans for a seamless swap of FTM for S coins once it reaches 100%.

Fantom to Sonic ($FTM to $S): How to Migrate?

When the migration launches, FTM can be swapped for S coins at a 1:1 ratio through the official site, ensuring no change in price. Current data indicates that tokenomics and other features will remain unchanged.

Aside from the names and symbols of the nodes, market capitalization, token supply, and wallet addresses will stay the same. To gauge the future of $S, investors should monitor FTM price predictions closely.

FTM’s Uptrend: An Investment Opportunity or a Bear Trap?

The current uptrend appears distinct from typical pump-and-dump schemes, showing an organic rise fueled by migration news and future expectations of Sonic. However, potential investors should conduct thorough market analysis and evaluate the project’s value before making investment decisions.

Conclusive Thoughts

Launched in December 2019, the Fantom Opera network has evolved from a small platform to one of the most utilized networks, boasting $10 billion in assets locked by 2022. After facing user loss due to network congestion, Fantom is now poised for a revival through its migration.

Upon completion of the migration, we can anticipate a potential price rise. However, given the highly volatile nature of the crypto market, caution is advised. Conduct thorough research before considering any investments in FTM.