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One of the popular crypto assets, Fantom, has also recorded some declines in value. The price at 4:49 am EST is $0.236 representing a slight decline of 1.5% in the last 24 hours. The general crypto market shows minor retracement in 24 hours, with a 0.69% drop likely affecting some tokens today.

However, it retains 0.7% of its gains in the past week.

Fantom Hackathon Sparked Community Interest

The #FantomHackathon Q2 LEVELED UP with a staggering 1,114 participants! 👾
Over $300k in prizes were available through our sponsorship w/ @AWSstartups & @Covalent_HQ 🤑
Check out the full list of winning projects: https://t.co/OXj1rYM8QZ
Awards below🏆⤵️ pic.twitter.com/5zbEB9lgC7
— Fantom Foundation (@FantomFDN) August 1, 2023

The AWS Fantom Hackathon in Q2 2023 ended with 1,114 participants in the event. The Hackathon allowed developers to share innovative dApps and compete for a prize pool exceeding $300,000.

A cloud computing brand, Heroicus, won first place and received prize money of $10,000, with the others receiving tangible rewards.

The massive participation shows rising interest in the Fantom ecosystem by the crypto community. It will likely drive a positive price performance for FTM.

Fantom Unveils the Wallet 1.2

On August 2, Fantom unveiled the wallet version 1.2 with upgrades to give users a more satisfying experience. These upgrades include governance accessibility, software key exports, Wallet Connect v2, and Send to custom domains.

Fresh updates rolling out! 🌛#Fantom fWallet continues to offer a seamless way to navigate and interact with the network, now even better! 📁
The latest wallet updates include:
• ‘Send’ to custom domains
• Governance accessibility
• Software key exports
• Wallet Connect v2 pic.twitter.com/fhqaqw1pRP
— Fantom Foundation (@FantomFDN) August 2, 2023

These upgrades give users an easier way of transacting with FTM tokens across several networks.

Fantom Gas Monetization Program Will Unlock Network’s Potential

On August 7, Fantom reminded users of a governance proposal approved on January 5, 2023. This program reduces Fantom’s burn rate from 20% to 5%, with the 15% reduction moving to Gas Monetization.

The monetization program seeks to reward high-quality dApps and retain talented creators while supporting Fantom’s network infrastructure.

#2 How Does dApp Gas Monetization Work?
🔗 dApp gas monetization takes the framework of a revenue model that already works in Web2 (ad monetization) and adjusts it to incentivize developers building on the Fantom network
🧲 It is a powerful tool to attract and retain…
— Fantom Insider (@fantom_insider) August 7, 2023

However, the dApps must satisfy specific criteria, including completing at least 125,000 monthly transactions and being live on Fantom for at least three months.

According to a report on the program’s status, as of August 7, 21 dApps are participating in the Gas Monetization program, earning a combined sum of over 82,734 FTM.

Now FTM is expanding the program with an additional bonus for applicants already in the Gas Monetization program.

#5 Gas Monetization on #Fantom is EXPANDING 👀
🔊 Recently, Fantom has announced more incentives for applications
💸 GasM provides dApps sustainable income via a 15% share of gas fees they generate, plus now BONUS $FTM!
— Fantom Insider (@fantom_insider) August 7, 2023

Fantom also has additional rewards for the top 12 projects on the leaderboard. The top 3 dApps will split 40% of the bonus among themselves, while 60% will go to the rest of the leaderboard.

Fantom Price Analysis

The daily chart analysis of FTM/USD shows it moved into a sideways trend from August 3. It encountered resistance at the $0.2489 price level as the bears pushed it down to retest the $0.2318 support level.

FTM is under bearish pressure on the daily chart; a drop below the $0.2318 support level will lead to a further decline for the asset.

It is trading below the 50-day and 200-day Simple Moving Average (SMA), expressing a bearish sentiment for the coming days.

Despite the bearish outlook, the Relative Strength Index (RSI) is moving sideways with a value of 41.42 in the neutral zone. Its direction hints at a possible break to the upside for the asset if the bulls rally again.

The Moving Average Convergence/ Divergence (MACD) also confirms the return of the bulls meaning more buyers are entering long positions in the market.

The MACD is slightly above its signal line, expressing a weak buy signal confirmed by the Histogram bars on the green.

If the bulls rally again, FTM will likely decline to the $0.2318 support in the coming days before a price recovery.

Is WSM an FTM Alternative That Could Reward Investors

Wall Street Memes (WSM) is a meme coin with over 1 million community members interacting with unlimited memes. It embodies the spirit of determination and good work ethics necessary to overcome the effects of capitalism with a fun side to its activities.

WSM is the token powering this crypto movement and is on presale, with each token worth $0.0331. However, the price will increase to $0.0334 in less than three days.

The presales are among the most successful in 2023, raising over $22.84 million out of its goal of $23.97 million as investors scramble to accumulate the tokens early.

Users can purchase these tokens by connecting their secure crypto wallet and completing the purchase with ETH, USDT, or bank cards. Wall Street Meme is powering the next crypto revolution and, according to the roadmap, will transcend beyond just memes to produce merchandise.

Early investors will benefit from a potential price surge when it lists on exchanges.

Wall Street Memes – Next Big Crypto