Fantom (FTM) continued its upward momentum on Nov. 30 amid reports that the Fantom Foundation generates consistent profits and has 30 years of runway without having to sell any FTM tokens.
Fantom’s FTM holdings up from 3% to 14%
FTM price gained nearly 13.5% to reach $0.24, its highest level in three weeks. The rally came as a part of a broader rebound trend that started when it bottomed out at around $0.17 on Nov. 22. This amounts to a 50% price rebound in the last eight days.
Interestingly, the rally picked up momentum after the Fantom Foundation’s “Architect,” Andre Cronje, released the firm’s financial records on Nov. 28, revealing that it had $340 million worth of digital assets and had been earning over $10 million annually. Notably:
Nov 2022 — Over 450,000,000 FTM, > $100,000,000 in stables, > $100,000,000 in crypto assets, $50,000,000 in non-crypto assets. Salary burn rate $7,000,000 / year. We have ~30 years left (without having to touch FTM)
Certain crypto and blockchain projects have suffered due to their potential exposure to failing companies.
For instance, the collapse of the FTX crypto exchange triggered major price declines in Solana (SOL) and its associated project tokens, such as Serum (SRM). FTX and its sister firm Alameda Research were Solana ecosystem’s major supporters.
