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Fantom (FTM) is a massively undervalued ‘multi-billion-dollar L1’ project, says analyst

Fantom (FTM) ranks fourth among the largest blockchains in decentralised finance (DeFi) by total value locked.

Capriole founder Charles Edwards says Fantom is still massively undervalued and has huge potential. The analyst noted this even as Fantom (FTM) slipped 13% in the past 24 hours in terms of the total value locked (TVL).

“Fantom has had an incredible run lately, but it’s still the cheapest multi-billion-dollar L1 but a huge margin,” the analyst tweeted on Wednesday.

Fantom (FTM) is the fourth largest decentralised finance (DeFi) protocol by total value locked, behind top dogs Ethereum (ETH), Terra (LUNA), and Binance Smart Chain (BSC).

Fantom (FTM) in DeFi

Looking at the DeFi ecosystem TVL leaderboard, Ethereum holds forte as the largest with over $118.6 billion locked across 415 protocols. Terra (LUNA) has over $12.3 billion across 17 protocols, while BSC is third with over $12.3 billion locked in more than 290 protocols.

According to data from DeFi tracking platform DeFiLlama, the blockchain network has a total of $11.01 billion in TVL, spread across 131 protocols that include MultiChain (MULTI), SpookySwap (BOO), Yearn Finance (YFI), and Curve (CRV).

The value locked in the project has grown 39% this past week.

In fact, the Fantom chain, a layer 1 protocol that boasts of very high scalability and cheap transactions, briefly overtook BSC last weekend before a drawdown in TVL took it back into fourth. 

FTM prices

Fantom tokens continue to attract even more investors looking for higher yields and speed of transactions, keeping the layer 1 blockchain ahead of rivals such as Avalanche (AVAX), Solana (SOL), and Polygon (MATIC).

In the market, FTM price has jumped 2% in the past 24 hours as bulls seek to bounce higher following a broader sell-off in the crypto market. The FTM/USD pair is trading around $2.36, about 20% down over the past week and nearly 33% off its all-time high of $3.46 reached in October last year.

Earlier this month, crypto analysts Michael van de Poppe highlighted Fantom among tokens likely to outperform in 2022.

The post Fantom (FTM) is a massively undervalued ‘multi-billion-dollar L1’ project, says analyst appeared first on Coin Journal.

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Dogecoin spikes after Elon Musk ask McDonald’s to accept DOGE payments

After a sharp drop in the last two weeks, Dogecoin is now green. It jumped 10% yesterday and it’s still rising today.

At the time of writing, it was $0.1488; up 9.25% in the last 24 hours according to CoinMarketCap. It has hit a high of $0.1511 and a low of $0.1383 in the last 24 hours.

Now let’s see what the hike is all about.

Elon Musk and McDonald’s Twitter feud that has Dogecoin’s price surge

The Dogecoin price surged after a Twitter feud between McDonald’s and Tesla and Space X CEO Elon Musk. Musk had Tweeted saying that he would eat a happy meal on live TV if the fast-food giant, McDonald’s, accepts Dogecoin (DOGE) as the official payment system.

A few minutes after the tweet, DOGE price hiked 7% from $0.135 to $0.145 and the bullish momentum continues today as the two continue exchanging in the to and forth tweets that have attracted the attention of other crypto bigwigs including the co-founder of Dogecoin.

Tweets from Musk have been having a great impact on the market prices since he started tweeting about the meme coin. Previously, he had tweeted announcing that Tesla had started accepting DOGE for its merchandise using; something that caused the DOGE price to jump by 25%. 

After the recent Tweet from Musk targeting MacDonald’s, McDonald’s responded ten hours later saying that it will only accept his offer if Tesla accepts Grimacecoin, a fake coin depicting a fuzzy purple McDonaldland mascot from the ‘80s called “Grimace”. 

Crypto opportunists quickly responded to McDonald’s tweet involving Grimace coin saying that buying the coin would not be a wise financial move since it was created a few hours ago, although it was already minted on Binance Smart Chain.

The media mainstream is trying to cover Musk’s erratic online behavior by amplifying his crypto tweets causing him to jump on a bandwagon of McDonald’s crypto memes that have been recently gaining popularity on Twitter. 

The Salvadoran president, Nyib Bukele, whose government had recently bought BTC dip before adding an extra 410 bitcoins at $36000 each in the recent dip, joined the tweeting spree by uploading a poorly edited photo of Musk with a McDonald branded hat and a nametag on 23rd January

Musk seems to be comfortably pushing for Dogecoin despite Tesla ownership of more than 42000 Bitcoin with an average of $ 31,700 per coin. He recently said in Time Magazine:

 „Fundamentally, Bitcoin is not a good substitute for transactional currency. Even though it was created as a silly joke, Dogecoin is better suited for transactions.”

The post Dogecoin spikes after Elon Musk ask McDonald’s to accept DOGE payments appeared first on Coin Journal.

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Market highlights January 26: Cryptos stage comeback, oil and commodity stocks take UK100 higher

The crypto market was in the green over the past 24 hours, as the majority of top 10 cryptos were higher at time of writing. The UK100 rose 1.09% yesterday as oil and commodity stocks boosted the index, rebounding from a rout the day before that saw it wipe out all its gains for 2022. 

US markets fell again yesterday as investors held their breath ahead of a Fed policy decision to be announced today. 

Top cryptos

Bitcoin registered gains of approximately 4%, trading above $37,000 this morning. Ethereum and Cardano were up around 3% each, while XRP climbed around 4%. Dogecoin jumped around 8%. It continues to rally after a supportive Musk tweet yesterday, after which it gained another 8%.  

Outside the top 10, Polygon registered gains of around 12%, making it the biggest winner in the top 20 coins by market cap today.

Another big gainer is CRO, the native token of Crypto.com crypto exchange. Its price today is $0.406 with a 24-hour trading volume of $168.45 million. Crypto.com Coin is up 9% in the last 24 hours. 

Top movers

The vast majority of top 100 coins were in the green at the time of writing. Notable standouts were NEAR and Stacks (+10%), Klaytn, Elrond, BAT, and BORA (+11%), Enjin and Secret (+12%), and Helium (+15%).   

Flow is a fast, decentralized, and developer-friendly blockchain, designed as the foundation for a new generation of games, apps, and the digital assets that power them. Its token Flow gained 13% today.  

Gala suffered massive losses since November 28, 2021, but it’s trending again, having surged about 20% today. As the increase is not propelled by any major news, analysts expect that the price has nowhere to go but up now. Gala was the most profitable metaverse token in 2021.

An equally impressive rally is that of the Amp token, which gained 21% today on news of considerations on the part of Grayscale Bitcoin Trust to add it to their portfolio.  

The biggest gainer in the top 100 is definitely Waves, the token of a multi-purpose blockchain platform which supports various use cases, including decentralized applications (DApps) and smart contracts. Waves is up 37% in the last 24 h, reversing recent losses spectacularly.  

Trending

NinjaFloki continues its bull run. The gaming-based, passive income generating cryptocurrency is up 533% today.  

The post Market highlights January 26: Cryptos stage comeback, oil and commodity stocks take UK100 higher appeared first on Coin Journal.