With Andre Cronje's likely return, does Fantom [FTM] pump?

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With Andre Cronje's likely return, does Fantom [FTM] pump?

In common parlance, this means you cannot simultaneously blow hot and cold.

This is not the case for Andre Cronje, who announced his departure from Fantom Foundation and the cryptocurrency field in March 2022. This announcement precipitated a dramatic decrease in the value of the FTM token.

Additionally, in an April blog article titled "The rise and collapse of crypto culture," Conje reaffirmed that he had no plans to return to the crypto sector and called for increased regulatory activities in the crypto space.

Andre Cronje was observed coding for the Fantom Foundation stablecoin platform on 21 May, leading the FTM token's intraday price to increase by 6%. How has the coin reacted to the news of Conje's likely return? It has increased by 16% in the previous 24 hours. Let's find out…

 

Andre the Big Guy

Following the discovery of Conje coding code for the Fantom Foundation stablecoin platform, the FTM token's price soared by 16 percent in the preceding twenty-four hours, registering enormous gains.

The token's price increased by 13 percent over the past week, reaching $0.4218 at the time of publication.

Furthermore, the FTM coin has exhibited a bullish bias during the past three days. At the time of publication, when the index was at 37.60 and rising, purchasing pressure on the token increased, driving the price higher. Likewise, slightly above the neutral region of 50, the MFI indicated increasing accumulation at the time of press.

This was 51.60 at the time of publication. Additionally, the position of the MACD supported the bullish divergence. Maintaining a position below the histogram bars, an upward-sloping MACD line was observed intersecting the trend line.

Comprehensive Development on the horizon?

A review of the chain's data revealed that the FTM token has experienced an increase during the past 24 hours.

Following the announcement of Andre Conje's likely return to the cryptocurrency industry, the daily index for the number of unique addresses involved in FTM transactions increased. At the time of publication, there were 443 daily active addresses on the network, representing a 21 percent increase.

In addition, following the discovery of Conje's activity on the 21st of May, the daily total quantity of FTM tokens across all network transactions experienced a significant increase. This, referred to as the transaction volume, increased by 40 percent.

Additionally, the number of active deposits on the network rose. The number of active deposits increased by 20% from 81 on 21 May to 98 at the time of writing.

Following Conje's activities, large whales also made several transactions yesterday, resulting in a 300 percent increase in the transaction index for transactions over $1 million.

As anticipated, Conje's actions were met with tremendous social acclaim as the word spread. As of press time, the social dominance of the FTM token was 0.352, representing a 20 percent increase since May 21. Additionally, the social volume increased by 12 percent.

The "Godfather of DeFi" criticized cryptocurrencies.

Cronje's return to Fantom is unexpected, considering earlier statements from the developer suggest he has abandoned the majority of the cryptocurrency field.

In an April blog post, Cronje declared that "cryptocurrency is dead" and advocated for increased regulation in this field. He also criticized the emphasis on accumulating money in the community, which has obscured the "fundamental principles" of cryptocurrencies.

Cronje already indicated that he had no plans to return. According to his Linkedin page, he is actively seeking an investment banking platform.