Yesterday seemed to become a good day, but then I went to bed, and as I woke up, everything was forgotten and Bitcoin hovered around $61,000, dragging the rest of the market along. Many tokens have declined 30% or more in value since the top last week. Of course, we shouldn't worry too much about this, because it is entirely normal in a bull-market, just like I mentioned in a post on Blurt yesterday, quoting Anthony Pompliano who said "this is a Bitcoin pullback for ants." I wouldn't worry too much, even though it hurts, and there are for sure lots of people out there right now being really sorry about not taking profits last week (or before that).
But, which token is the champion of the day? It is FANTOM!
Fantom ($FTM) is the token of the day!
I have kept my eyes on Fantom for the last couple of days, seeing that it has outperformed most of the market. How come? I have been looking around here and there in articles and news, but I haven't seen much pointing in the direction of an answer. Of course, I have seen TA charts claiming that the charts are pointing upwards, but when the market falls, everything is normally falling, even though the magical charts might suggest otherwise.
While you have MEME coins going 100% upwards and more on Solana, Fantom is still quiet. I have seen quite a lot of messages on Twitter about joining presales for all sorts of junk coins on Fantom, but that isn't what is causing this.
In other words, it might be people are buying FTM tokens because of the fundamentals of the layer-1 blockchain, and because they remember that it reached $3 during the last bull-run, meaning that there is lots of space for growth in all sorts of ways.
Honestly, Fantom has had a great price increase the last three days and deserves the right to be called the Champion of the Day. But, I would be careful buying it now, at least from a short-term perspective. Why? If the market turns around, then we often see that those tokens that have pumped during the bearish days, they stand still when the market turns, while those who just lost lots of value regain their former price. In other words, I believe there is more short-term profit with those tokens that just lost 25%-30% of their value.