At the time of writing, the Fantom price is £0.18, representing a 17% gain in 24 hours and a 20% over the previous seven days. Meanwhile, Bitcoin and Ethereum are losing ground and may return to their last ranges as the bullish momentum fades.
According to Wu Blockchain, the famous and controversial engineer Andre Cronje has altered his LinkedIn bio to “Memes at Fantom Foundation.” This shift has sparked speculation regarding its possible return as a critical project member.
Cronje is known as the “DeFi Godfather,” and he is responsible for several of the most important protocols in the industry, including Yearn Finance (YFI), Keep3r Network (KP3R), Fantom, and others. Andre Cronje and other decentralized finance (DeFi) developers announced their resignation from crypto earlier this year.
The developer highlighted an industry requirement for maturation as well as regulatory uncertainties. Cronje’s departure harmed the Fantom price and the value of projects bearing his name.
Cronje has hinted at a return to the Fantom Foundation in recent months. On May 23, the developer proposed an improvement to fUSD, Fantom’s native stablecoin. The Terra collapse wreaked havoc on the industry and harmed stablecoins.
Following Cronje’s proposal, the Fantom price increased significantly, rising more than 45% in a single trading session. The surge, however, was short-lived because the developer remained on the sidelines.
FTM’s bullish momentum is more conservative than in the past when there have been rumors regarding Cronje’s return. Nonetheless, his impact on the DeFi space is still felt, as indicated by the token’s price movement.
If the rumor is true, Fantom may run out of gas in the coming days, resulting in another significant drop in past support levels. In this regard, traders should keep an eye out for abrupt surges in volatility.