Fantom’s FTM tokens have surged 16.78% in the past day to trade at around $0.42 on speculation that its founder Andre Cronje could be reinstated in the blockchain.
FTM bounced back after getting to the $0.22 oversold zone on May 12, surging to a high of $0.4512 with consecutive positive gains the three consecutive days.
Cronje and Anton Nell, Fantom’s key developer, quit Fantom in March, causing a record liquidation in the token, which has since not recovered to the previous highs.
The exit also caused the total value locked in the network to drop to about $1.3 billion from a high of around $8.19 billion in March.
Cronje reportedly unveiled the Fantom fUSD optimization proposal, with his address increasing by about 100 million in FTM, which is expected to be reinvested to the network.
FUSD stablecoin lost its peg to the value of the dollar, causing Fantom TVL to plunge. The stablecoin is currently trading at about $0.6804.
Andre Cronje released the Fantom fUSD optimization proposal. AC address has recently added nearly 100 million FTM, which is considered to be returning to Fantom. FUSD suffered a severe de-pegging, and Fantom TVL also dropped sharply by about 69%. https://t.co/dpBe7y9AQ4— Wu Blockchain (@WuBlockchain) May 22, 2022