FTM Price Surges 30% After Nansen Adds Support For Fantom Network

The FTM price surges 30% in one day after Nansen announced support for the Fantom network as we are reading more in our latest cryptocurrency news today.

The FTM price which is the native token of the popular Fantom Network, soared by 30% and this happened after the announcement of the data analytics provider Nansen who added support for it. Fantom is a smart contracts platform that uses a Proof of Stake Consensus algorithm and it Is based on the Direct Acyclic Graph technology that other projects like Heder Hashragph and IOTA use.

In a press release today, the team announced that Nansen is a well-known data analytics provider added support for the blockchain. DeFi Lama reported that the total value locked in the Fantom network is over $5 billion with a huge increase over the 24 hours. The price of Fantom’s native FTM Token increased by about 30% before retracing to where it now trades. Following the integration, Fantom-based will be visible on the Nansen dashboard making it more accessible. Fantom’s CEO Michael Kong:

“Nansen analytics will bring visibility to innovative projects on the network and amplify their successes. We’re excited about the increased usage Nansen will bring to Fantom and to the incredible wealth of information that the analytics platform will make available.”

As recently reported, The Nansen analytics ETH-based startup successfully secured a $1.2 million seed investment. Skyfall Ventures and Mechanism Capital led Nansen’s first-ever funding round with additional support from Volt Capital, Fabric Ventures, Robot Ventures, and others. The individual investors include Eric Connor, an Ethereum developer, Anthony Yoon, and Sergei Chan from FTX and DEribit exchange who also participated in the seed round. Nansen’s CEO Alex Svanevik said that “top priory is growing in the team so we get more bandwidth to deliver on our roadmap.” The wallet label database for millions of ETH addresses is Nansen’s strongest selling point. Svanevik also said about new features in the pipeline like tracking activities of smartest ETH and DeFi investors and alerts for notable transactions and personalized dashboards for the customers.

Since the launch in April, the company acquired more than 1200 customers that use Nansen analytics for on-chain analytics and market signals. As mentioned recently, the technical break above the $420 resistance level confirms a continuation of last week’s bullish breakout and the on-chain data analysis shows an increase in activity on the ETH blockchain.