eToro has confirmed that it has listed Fantom (FTM) into its trading platform. The social trading platform also listed Theta Network as well. The move is expected to be huge for Fantom, which has recently come under massive selling pressure. Here are some of the details.
Shortly after the eToro listing, Fantom (FTM) went up by around 15%.
The coin did pull back slightly and was trading at $1.2 at press time.
eToro is one of the biggest trading platforms in the world.
Data Source: Tradingview
What does the listing mean for Fantom (FTM)
Getting listed on major exchanges like eToro will always be positive for any crypto. It’s the reason why Fantom (FTM) was up by a whopping 15% shortly after the news broke. We also saw trading volume jump by nearly 75% in 24 hours. This suggests that there were a lot of people trying to buy the coin via eToro.
There are now 57 main cryptocurrencies trading on the platform, with FTM and Theta being the latest. It is likely that we are going to see a sustained surge in trade volume and price for FTM in the coming days. Despite this, the medium-term outlook for the coin still remains very risky.
Just recently, Fantom saw a massive drop in Total Value Locked after one of the key developers left the project. While the price has stabilised from the wipe-out we saw last week; investor confidence remains very weary.
What’s the future of Fantom (FTM)
The sudden fall in TVL was a big red flag for Fantom investors. But there is no arguing that this is a very promising DeFi project, and more is yet to come from it.
We do expect the coin to rebound in the near term and the listing on eToro will help to speed this up. As of now, Fantom still remains a decent project.