ghost [FTM] It’s seen a resurgence in the charts lately, with its social metrics registering a strong rise. This growth has not gone unnoticed, according to LunarCrush recently tweet.
According to himself, Fantom had a Galaxy score of 74/100, at the time of writing. This indicates a bullish picture of market activity, compared to the historical performance of altcoins.
However, the cryptocurrency community was surprised by Phantom’s social standing and stature.
Latest Phantom Story
Fantom recently released its weekly report, which highlights key stats from the past seven days on the network. The network recorded 257,000 weekly active users with a daily average of 36.8000, and managed to record a modest 5.43 million transactions during the week. The report added that,
“Last week, the downtrend in the cryptocurrency market dragged down Fantom’s on-chain data.”
Despite the underlying bearish market sentiment, several coins on the Fantom network have seen growth over the past week. According to the report, Solidex [SEX] Fantom posted the highest gain after posting a 42.5% rise. This was also followed by Magic Finance [MAGIK]With the same 29.4% increase in value.
Better not to miss this
While there were some impressive stats from last week, the red flashes also gained momentum. According to Santiment, Fantom’s MVRV ratio continues to fall in the red. This highlights the traders who incurred losses on Fantom trades.
However, this trend has been in effect since mid-August, and the same trend has continued to prevail despite the recent rally. At the time of publication, the MVRV ratio is set at -5.76% for the FTM.
While the Fantom network has been gaining social momentum lately, the FTM has recorded a decline in electoral activity on the network. The same can be proven by the number of whale transactions on Fantom in the past few days.
Last week, Fantom recorded a total of 17 election transactions worth over $100,000.
According to CoinMarketCap, FTM is trading at $0.272 at press time. This is a sign that the growth of the cryptocurrency has stalled, with the situation itself deteriorating due to market conditions.
In fact, while most of the market has been bullish this week, FTM posted a weekly gain of just 1%. Although the chances of an immediate recovery are still bleak, investors can. Hodel Until the period of sustainable growth begins.