Fantom Increases by 10%, Here Are 3 Potential Reasons

data, the Fantom price is outperforming amid a sea of red seen across the entire crypto market. At the time of publication, FTM traded at $1.55, up 9% on the day.

The cryptocurrency market is struggling to recover after the European Parliament voted in favor of prohibiting anonymous crypto transactions. Nearly all the cryptocurrencies in the top 100 were losing value at press time, mostly recording losses between 4% and 11%.The three potential reasons might include positive ecosystem news, whale buys and a favorable technical structure.Fantom Foundation recently announced a new 335 million FTM Incentive Program in partnership with Gitcoin Grants.

In recent updates, three main upgrades will be rolled out in the near term to further improve the Fantom network. Fantom also announcedof F1 and F2 drivers Pietro and Enzo Fittipaldi. As part of the sponsorship, the Fantom logo will be featured on Pietro's European Le Mans, 24 hours of LeMans suit and helmet and Enzo's Formula 2™ suit and helmet through the 2022 racing season.

Leading money market Aave v3 also went live on Fantom just recently. Alpha Homora V2, the largest multi-chain lending and leveraged yield farming protocol, also recently launched on Fantom.According to Whalestats, Fantom remains among the top 10 purchased after Bitcoin by the top 100 FTM whales.

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