Fantom Coin is plummeting due to a hack, but crypto whales are now accumulating a different coin instead. Only 10 days remaining.

The price of Fantom Coin (FTM) has dropped by 11% in the past 24 hours, following a hack of Fantom’s Multichain bridge that resulted in a loss of cryptocurrencies worth over $126 million.

FTM is now valued at $0.266907, representing a 14% decrease in the past week and a 10% decrease in the last 30 days. However, the altcoin has still gained 33% since the beginning of the year.

Despite this, some commentators are advising users to withdraw their assets from the Fantom ecosystem, as the hack could lead to sustained losses for FTM. An exodus of users would severely impact the coin.

Of course, there are alternative altcoins available for traders seeking assets with more potential. Thug Life Token (THUG) is one such option, with its presale achieving a significant milestone today and raising expectations for a strong listing.

Fantom Coin is Going to Zero After Multichain Bridge Hack

Unsurprisingly, FTM’s chart and indicators show a clear position of weakness, suggesting more difficulties ahead.

One notable factor is FTM’s 30-day moving average (yellow), which is trending downward towards its 200-day average (blue). While it is highly likely to fall below the longer-term indicator, it still has some distance to go.

FTM’s relative strength index (purple) is also currently weak, with a level below 30 indicating strong selling pressure. There are little signs of improvement in the near future.

Furthermore, FTM’s support level (green) is a cause for concern, as it has reached new lows, suggesting a significant selloff is underway.

As mentioned earlier, the reason for this selloff is a major hack of Fantom’s Multichain bridge, which is typically used for transferring assets between different chains.

However, the bridge has fallen victim to a serious exploit, resulting in the theft of approximately $126 million in virtual currencies.

It goes without saying that this breach could have devastating consequences for Fantom. Blockchains often rely on bridges like Multichain to attract greater liquidity, usage, and adoption. With Fantom’s major bridge now exposed as unsafe, development and adoption could come to a halt.

As a result, several experts have advised staying away from Fantom, and many people are clearly following this advice, as evidenced by the significant drop in FTM’s price.

Crypto Whales are Accumulating This Other Coin Instead – Just 10 Days Left

It is evident that FTM still has further to fall before reaching its bottom, so traders are advised to seek opportunities elsewhere for the time being.

Even in a market downturn, there are still potential gains to be found if you know where to look. Presale tokens, for example, offer a way to secure above-average profits in a market that remains somewhat bearish.

One such token with strong potential is Thug Life Token (THUG), an ERC-20 meme coin that has already raised over $600,000 in its presale, which began just last week.

As the name suggests, THUG has aligned itself with the gangsta rap and hip-hop communities, attracting buyers and followers from a broader demographic compared to many other similar tokens.

THUG’s fairly high level of decentralization has also helped draw followers. In the presale, 70% of its total maximum supply of 4.20 billion THUG (a reference to 4/20 culture) was allocated, giving buyers a greater stake in THUG compared to indirectly listed meme tokens. This has boosted confidence in participating in the sale.

New investors can participate by visiting the official Thug Life Token website and connecting their software wallets, with 1 THUG priced at $0.0007.

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

From there, THUG will then list on exchanges, with the early successes in its presale suggesting that it could have a very good rally ahead.

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 of your capital.

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

From there, THUG will then list on exchanges, with the early successes in its presale suggesting that it could have a very good rally ahead.

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 of your capital.