He Fantom Coin (FTM) price has plunged 11% in the last 24 hours, after a hack of Fantom’s Multichain bridge resulted in a loss of more than $126 million worth of cryptocurrency.
At $0.266907, FTM is now down 14% in a week and 10% in the last 30 days, and the altcoin is up 33% since the start of the year.
However, with certain commentators advising holders to pull their assets out of the Fantom ecosystem, the attack could lead to sustained losses for FTM, which would suffer severely 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 a new milestone today.
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Unsurprisingly, the FTM chart and indicators are in a real position of weakness, and it looks like there is still a lot of pain ahead.
On the one hand, the FTM 30-day moving average (yellow) has started to fall towards its 200-day average (blue), and while it looks very likely to drop below the longer-term indicator, it still has some way to go. go there.
The FTM Relative Strength Index (purple) is also very weak at the moment, with its level (below 30) indicative of strong selling pressure, and the metric shows little sign of improvement in the near future.
In fact, the altcoin’s support level (green) is perhaps the most alarming feature here, as it falls to new lows and suggests a big sell-off is in the offing.
As mentioned above, the reason for this sale is a major hack of Fantom’s Multichain bridge, which typically allows users to transfer assets from one chain to another.
However, it just failed in a serious exploit, which resulted in around $126 million worth of virtual currencies being stolen.
It almost goes without saying that this breach could be devastating for Fantom, as blockchains often rely on bridges like Multichain to help them attract greater liquidity, as well as increased usage and adoption.
But with Fantom’s main bridge now exposed as insecure, development and adoption could really end up coming to a halt.
Because of this, several experts have advised staying away from Fantom, which many people are clearly doing (judging by FTM’s plummeting price).
Crypto Whales Is Accumulating This Other Coin Instead – Only 10 Days Left
There is little doubt that FTM has yet to fall before it bottoms out, which means that traders would be advised to look elsewhere for profit at this point.
And even with the overall market down today, there is still good potential if you know where to look, as pre-sale tokens are a way to make above-average profits in a market that still remains at least semi-bearish.
One such token with great potential is Thug Life Token (THUG), an ERC-20 meme coin that has already raised over $600,000 in its pre-sale, which opened last week.
As its name implies, THUG has aligned itself with the gangsta rap and hip-hop communities, and its styles help it attract buyers and followers from a broader demographic than many other similar tokens enjoy.
Also helping it attract followers is its fairly high level of decentralization, with presale allocated to 70% of its total max supply of 4.2 billion THUGs (this number is a nod to 4/20 culture).
Clearly, buyers are aware that they will have a larger stake in THUG than they might in directly listed meme tokens, something that has helped them participate in the sale with greater confidence.
New investors can participate by going to the official Thug Life Token website and connecting their software wallets, with 1 THUG costing $0.0007.
However, they will need to act quickly as the sale will close in just under ten days, once it has reached its hard cap of $2,058,000.
From there, THUG will be listed on exchanges, and early successes in its pre-sale suggest it could have a very nice opening rally.
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.
