2023-07-09 11:08:00
Fantom Coin (FTM) price is down 0.23% and currently stands around $0.2762. This new drop follows the nearly 11% drop in the day yesterday, following the hack of Fantom’s Multichain Bridge. This incident resulted in a loss of cryptocurrencies worth over $126 million.
FTM is down 11% in one week and 6.47% over the last 30 days. The altcoin, however, is up 18% over the previous half.
Some observers have advised investors to withdraw their assets from the Fantom ecosystem. This exodus of users might lead to considerable losses for FTM.
Of course, there are many alternative altcoins that traders looking for cryptoassets with more potential might invest in. Thug Life Token (THUG) is one such altcoin and analysts are eagerly awaiting its listing as its pre-sale reached a new milestone today.
Could Fantom Coin drop to zero following the Multichain Bridge hack?
Unsurprisingly, FTM’s chart and indicators are in a weak position. Unfortunately, it is possible that the situation will continue to deteriorate in the short and medium term.
Source: TradingView
On the one hand, the FTM’s 30-day moving average has fallen back below its 200-day average.
FTM’s Relative Strength Index (purple) has seen a slight improvement: following falling below 30 in the day yesterday, the RSI has seen a slight rise and is currently around 40. This shows everything as well as the heavy selling pressure continues to hold and the metric shows little sign of improving in the near future.
However the support level of the altcoin (green) is the most alarming indicator: a drop to new even lower thresholds suggests that a vast movement of liquidation is underway.
As mentioned above, this heavy selling pressure was caused by Fantom’s Multichain Bridge hack. The latter allows users to transfer assets from one blockchain to another.
The exploit he suffered resulted in the theft of approximately $126 million in crypto-assets.
It goes without saying that this security breach might be devastating for Fantom. Many blockchains often depend on bridges such as Multichain to attract greater liquidity and increased usage and adoption.
But Fantom’s bridge is now considered dangerous, jeopardizing its development and adoption.
For this reason, several experts advise to stay away from Fantom. And many traders took this advice judging by the fall in the price of FTM.
Whales are accumulating a new altcoin: only 9 days left for its pre-sale
It will probably take several months before FTM is able to recover. This means traders looking for new quick gains should look to other altcoins for the time being.
And even with a still bearish global crypto market, opportunities exist if you know where to look. Pre-sale tokens are a great way to get above-average profits in the current circumstances.
One of these high potential tokens is Thug Life Token (THUG). This ERC-20 meme token has already raised over $600,000 in its pre-sale which only started last week.
As the name suggests, THUG has aligned itself with the gangsta rap and hip-hop communities. Its codes help it attract buyers and followers from a wider demographic than many other similar tokens enjoy.
Its fairly high level of decentralization also helps it attract new members. 70% of its total maximum supply of 4.20 billion THUG (this number being a nod to the 4/20 culture) has indeed been allocated to pre-sale.
Clearly, buyers are aware that they will have a greater opportunity to secure a larger stake in THUG than with other meme tokens. This encourages them to invest with more confidence.
New investors can participate by visiting the Thug Life Token official website and connecting their software wallets. The price of 1 THUG is currently $0.0007.
However, they will have to hurry because the sale will be concluded in a little less than ten days, once it reaches its cap of $2,058,000.
From there, THUG will then be listed on exchanges. And the success of its pre-sale suggests it might experience a price spike right now.
This article does not represent investment advice in any way. The information provided here should not be used as the basis for making financial decisions. Investing in cryptocurrency involves risk and can lead to significant losses. You should only invest what you can afford to lose and do your own research before making any investment decisions.
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