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Fantom price sell-off continues as Sonic testnet goes live

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Fantom token continued its downward trend on Friday, Sept. 6, after the Sonic testnet went live and its transactions rose.

Fantom (FTM) price was trading at $0.387, its lowest swing since Aug. 20 and 27% below its highest point in August. In a statement on X, Sonic Labs noted that the testnet was live, a process expected to last for a few months.

Data on the testnet website shows that the network had processed over 106 million transactions. It is handling about 11 transactions per second, with the average gas per second being around 335,000.

The time to finality — the time between when a transaction is submitted to a node and when it is confirmed — was just 0.70 seconds. These statistics make Sonic one of the fastest Ethereum Virtual Machines in the industry.

The developers hope this upgrade will attract more creators to build on the ecosystem. In line with this, they have launched a $27 million bounty program to support developers in areas like payments, lending, stablecoins, and gaming.

After the testnet phase ends, Fantom’s FTM token will transition to S. This upgrade comes at a time when Fantom has lost momentum and market share in the crypto industry. Its market cap has fallen from over $7 billion to $1 billion.

Data from DeFi Llama shows that the total value locked in the ecosystem has dropped to $70 million from a record high of over $7.8 billion. Some of the biggest players in its ecosystem are Beethoven X, WigoSwap, SpookySwap, and Beefy. 

Fantom also has a small market share in the decentralized exchange industry. Its DEX platforms handled over $57.9 million in the last seven days, making it the 26th-largest chain in the industry.

Sonic’s biggest challenge will be the competition in the industry. In addition to other top chains like Tron (TRX) and Solana (SOL), it will compete with layer-2 networks like Arbitrum and Base.

Fantom price under pressure

Fantom price
Fantom price | chart by TradingView

The FTM token price has crashed in the past few months. It peaked at $1.2267 in March and has dropped by over 68% to $0.40. It has remained below the 50-day moving average and the upper side of the descending channel. 

Therefore, the path of least resistance for Fantom is downward, with the next point to watch being $0.30, 21% below Friday’s level.



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PONKE Price Skyrockets 19% On Binance Support, What’s Next?

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The Solana meme coin Ponke (PONKE) saw its price soar by 19% following Binance’s announcement of a USDⓈ-Margined PONKEUSDT Perpetual Contract. Set to launch on November 4, 2024, this contract offers users up to 75x leverage, signaling increased opportunities for traders and heightened optimism among PONKE supporters.

PONKE Price Rockets Amid Major Binance Support

According to Binance’s official announcement, the PONKEUSDT perpetual contract will go live on November 4 at 12:30 UTC, providing traders with 75x leverage and 24/7 trading. Key features include a tick size of 0.00001 and a capped funding rate of ±2.00%, with funding fees settled every four hours. Binance’s Multi-Assets Mode further allows users to utilize BTC as collateral, offering flexibility in margin trading. However, the exchange may adjust contract specifications, such as funding fees, leverage, and tick size, based on evolving market conditions, ensuring the asset aligns with market risk levels.

PONKE, built on Solana, benefits from the blockchain’s high-speed and low-cost transactions, catering to online traders and gaming enthusiasts. The coin’s community-driven design, distinct tokenomics, and accessibility through major exchanges contribute to its market appeal. Its #ponkyarmy community is particularly active, with governance roles and a dedicated social media presence that drive further engagement and growth.

Will The Rally Sustain?

Following the Binance listing news, PONKE’s price surged by 19%, currently trading at $0.49, with a 24-hour low of $0.43 and a high of $0.56. Its trading volume climbed to $77 million in the last 24 hours, indicating heightened interest. PONKE, with a market cap of $274 million, continues to capture the attention of meme coin enthusiasts. Besides, recent Coinglass data also highlights increased open interest for PONKE, signaling optimism for further gains.

PONKE Price Skyrockets 19% On Binance Support, What's Next?PONKE Price Skyrockets 19% On Binance Support, What's Next?

Launched in late 2023 with a total supply of 555 million tokens, PONKE has already achieved an all-time high of $0.70 four months ago. Its deflationary burn mechanism and community-driven features have positioned PONKE uniquely within the Solana ecosystem, drawing both meme coin fans and investors seeking growth in Solana-based assets.

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Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Crypto Market Awaits FOMC; How Will US Fed Rate Cut Impact Bitcoin & Altcoins?

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The crypto market eagerly awaits the upcoming FOMC interest-rate decision by the US Federal Reserve this week. It is one of the highly anticipated events this week, which is expected to shape the sentiments in the digital assets space, potentially setting the path for Bitcoin and other altcoins. Although the market is anticipating a dovish stance by the central bank, any other move could trigger a selling pressure in the market.

Crypto Market Enters Crucial Week With FOMC In Focus

The crypto market enters a crucial week with a flurry of events scheduled that could shape the future of digital assets. Among these, the market participants are eagerly waiting for the upcoming FOMC for cues over the central bank’s stance on their monetary stimulus plans.

Notably, concerns mounted over the past few days over a potential pause in the US Fed’s rate cut plans, especially with the economic data weighing on traders’ sentiment. However, the latest US Job report appears to have shrugged off concerns, while cementing bets towards a 25 bps Fed rate cut next week.

The latest Job data showed weaker job creation in the US in October, with the unemployment rate remaining unchanged from September. This has fueled hopes of two more rate cuts this year, one being in next week and the other in December. According to the CME FedWatch Tool, there is about a 99% chance of a 0.25% point cut in November.

CME FedWatch Tool Crypto MarketCME FedWatch Tool Crypto Market
Source: CME FedWatch Tool

This has also sparked investors’ hopes towards a potential rally for Bitcoin price and other top altcoins. Usually, the lower interest rates raise the risk-bet appetite of investors, potentially benefiting digital assets, stocks, gold, and other risker assets.

Will Bitcoin And Altcoins Rally?

The crypto market participants are anticipating the upcoming FOMC to trigger a rally in Bitcoin and altcoin prices. Besides, the US Presidential Election, scheduled for November 5, will also play a key role in shaping the future of the broader financial markets, let alone the digital assets space.

Notably, the market is anticipating a potential upward momentum for crypto, irrespective of Donald Trump or Kamala Harris’s victory. Although the market anticipates Donald Trump’s win to provide more boost to the crypto market, a recent Bitcoin price analysis suggests that Kamala Harris’s victory could also propel a market rally.

On the other hand, historically, Bitcoin tends to showcase a positive performance in the fourth quarter of the year. Having said that, the market anticipates a similar performance in 2024, while many expect the other altcoins to follow suit.

However, many in the crypto community also warned over potential volatility in the market due to the upcoming US election. Considering that, the investors should exercise due diligence while putting their bets into the assets.

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Rupam Roy

Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
Rupam’s career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Altcoin Rally Won’t Happen Until 2025 As Bitcoin Eyes 60% Market Dominance

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While the Bitcoin (BTC) price has been eyeing a move above $70,000 recently, top altcoins like Ethereum (ETH), BNB, and Solana (SOL) have picked up much pace in this resurgence. Market analysts believe that it’s too early to call for an altcoin rally and might not happen in the fourth quarter of this year.

Don’t Expect An Altcoin Rally in Q4 2024, Here’s Why

Popular crypto analyst Benjamin Cowen stated that the current drop in the ALT/BTC pairs is mainly due to the drop in the net liquidity along with the strengthening of the U.S. Dollar Index (DXY). He believes that this trend will continue until 2025 while pushing the Bitcoin market dominance even higher this quarter.

Cowen predicts that BTC dominance will peak around 60% between September and December 2024, and might as well overshoot this milestone. He expects the dominance uptrend to end by early January 2025.

However, with the potential for interest rate cuts and the reintroduction of quantitative easing (QE), Cowen suggests that 2025 will bring about different market conditions that could shift the dynamics for altcoins. Here’s the list of some best altcoins to bet on before the rally begins.

Bitcoin Eyes 60% Market Dominance

As the odds of a Donald Trump victory in the upcoming US Presidential elections improve, analysts are hopeful that he might end the crypto regulatory headlock as seen during the Biden administration.

On the other hand, the demand for spot Bitcoin ETFs has skyrocketed this week clocking nearly $1.4 billion in inflows within the first three days of the week. The BlackRock Bitcoin ETF IBIT has been leading the pack taking its total inflows above $22.5 billion since inception in January. Vetle Lunde, the Head of Research at K33 Research writes:

“After super strong ETF flows lately, new milestones have been reached! Yesterday, U.S. spot ETFs surpassed 950,000 BTC under management, marking a new all-time high. These relentless flows have pushed global BTC ETP beyond 1.2m BTC for the first time”.

Another reason why Bitcoin dominates over altcoins is that the BTC whale transactions have reached their highest in over 10 weeks with 11,697 transfers exceeding $100,000 on Tuesday, earlier this week.

Furthermore, on-chain data provider Santiment reports that social media discussions have shifted heavily toward Bitcoin over altcoins, with the leading cryptocurrency accounting for more than a quarter of all crypto-related conversations. This comes as Bitcoin’s price surpassed $68,000 for the first time since July, drawing heightened attention from traders.

Courtesy: Santiment

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Bhushan Akolkar

Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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