Fantom Coin Goes To Zero After Multi-Chain Bridge Hack, But Crypto Whales Accumulate This Other Coin Instead Only 10 Days Left

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Source: Trading View

The price of Fantom Coin (FTM) has fallen 11% in the past 24 hours, after a hack of Fantom’s Multichain Bridge led to the loss of cryptocurrencies worth over $126 million.

At $0.266907, FTM is now down 14% in a week and 10% in the last 30 days, with the altcoin remaining up 33% year-to-date.

However, with some commentators advising holders to remove their assets from the Fantom ecosystem, the hack could lead to lasting losses for FTM, which would suffer badly from an exodus of users.

Of course, there are alternative altcoins to invest in for traders looking for assets with more potential, with Thug Life Token (THUG) raising expectations for a strong listing after its pre-sale reached another milestone today. today.

Fantom Coin Goes To Zero After Hacking Multi-Chain Bridge

Unsurprisingly, FTM’s chart and indicators are in a real weak spot, and it looks like there’s still a lot of pain in store.

Source: Trading View

On the one hand, FTM’s 30-day moving average (yellow) has started to decline towards its 200-day average (blue), and although it seems very likely that it will fall all the way below the indicator at longer term, it still has a long way to go.

FTM’s Relative Strength Index (purple) is also very weak at the moment, with its level (below 30) indicating strong selling pressure, with the metric showing little sign of improvement in the near future.

Indeed, the altcoin’s support level (green) is perhaps the most alarming feature here, with a drop to fresh lows and suggesting a big selloff is underway.

As mentioned above, the reason for this sale is a major hack of Fantom’s multi-chain bridge, which normally allows users to transfer assets from one channel to another.

However, he just fell foul of a serious exploit, which resulted in the theft of around $126 million in virtual currency.

It almost goes without saying that this breach could be devastating for Fantom, as blockchains often depend on bridges such as Multichain to help them attract greater liquidity, as well as increased usage and adoption.

But with Fantom’s main deck now exposed as unsafe, development and adoption could really come to a halt.

For this reason, several experts have advised to stay away from Fantom, which a lot of people clearly do (judging by FTM’s price drop).

Crypto whales hoard this other coin instead – only 10 days left

There is no doubt that FTM still has some work to do before it hits bottom, which means traders would be advised to look elsewhere for gains for the time being.

And even with the overall market down today, there’s still good potential if you know where to look, with presale tokens being a way to earn above-average profits in a market that remains at least semi- bearish.

One such high-potential token is Thug Life Token (THUG), an ERC-20 meme coin that has already raised over $600,000 in its pre-sale, which only opened last week.

As its name suggests, THUG has aligned itself with the gangsta rap and hip-hop communities, with its styles helping it attract buyers and followers from a wider demographic than many other similar tokens enjoy. .

Its fairly high level of decentralization also helps it attract subscribers, with presale being allocated 70% of its total max supply of 4.20 billion THUG (this number being a nod to the 4/20 culture) .

Clearly, buyers are aware that they will have a larger stake in THUG than they could have indirectly listed the meme tokens, which helped them enter the sale with greater confidence.

New investors can participate by going to the official Thug Life Token website and connecting their software wallets, 1 THUG costs $0.0007.

They will need to act quickly, however, as the sale is due to close in just under ten days once it hits its cap of $2,058,000.

From there, THUG will then go public, with early success in its pre-sale suggesting it could have a very good rally ahead of it.

Visit Thug Life Token Now

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all your capital.

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