As stated by the CoinMarketCap data, Fantom (FTM) is up 16.78% at $0.42, ranking among the top gainers over the last 24 hours.
Fantom rebounded upon reaching oversold levels of $0.22 on May 12. After a brief consolidation, Fantom started a positive climb, reaching intraday highs of $0.4512 on May 22, after three consecutive days in the green.
Aside from favorable technicals, the recent climb was also likely sparked by speculation that a former developer and Yearn Finance creator, Andre Cronje, was returning to Fantom.
Cronje and lead developer Anton Nell unexpectedly stop Fantom in early March. The move triggered a major sell-off of FTM, which the token has failed to recover from.
In the same vein, the overall value locked in the Fantom ecosystem was badly hit in march after the developers’ exit. Fantom’s TVL remains at around $1.3 billion at the Writer’s time, down from highs of $8.19 billion reached in March.
As brought by Chinese Journalist Collin Wu, “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%.”