• Fantom Coin (FTM) has seen its price drop by 11% in the past 24 hours following a hack of its Multichain bridge, resulting in $126 million-worth of cryptocurrencies stolen.
• FTM is now down by 14% in a week and by 10% in the last 30 days, with indicators and charts showing further losses could be likely.
• Many experts are advising investors to stay away from Fantom and instead look towards alternative altcoins such as Thug Life Token (THUG).
Fantom Coin Hack
A hack of Fantom’s Multichain bridge resulted in cryptocurrencies worth upwards of $126 million being stolen, causing FTM’s price to plunge by 11%. This means it is now down by 14% in a week, 10% in the last 30 days and 33% since the start of the year.
Negative Impact on Fantom
The breach of security could have serious implications for Fantom’s development and adoption, with many commentators warning investors against keeping their assets within the ecosystem. As such, traders may want to look for alternative altcoins that carry more potential.
Thug Life Token (THUG)
One such option is Thug Life Token (THUG), which has recently seen strong interest after its presale reached new highs today. It could be an attractive investment for those looking to benefit from strong listings over the coming days.
FTM Indicators & Charts
FTM’s 30-day moving average has started falling towards its 200-day average, suggesting further losses could be likely. Its relative strength index is also very weak at present due to heavy selling pressure, while support levels have dropped significantly too.
Given the severity of this hack and the negative impact it could have on Fantom’s future prospects, traders should consider investing in alternative coins like THUG instead. With its strong listing performance today, THUG appears well placed to gain significant attention over the coming days.