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This cryptocurrency rises 20 percent in an hour thanks to the return of its “vice president of memes.”

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Key facts:
  • The price of FTM went from $0.22 to $0.29 within an hour.

  • After the rise, the cryptocurrency fell more than 5 percent in trading.

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The price of fantom (FTM), the cryptocurrency of the network of the same name, jumped significantly on the morning of Thursday, November 3. The reason? The apparent return of one of its most iconic figures, developer Andre Cronje, who now lists himself on LinkedIn as “vice president of memes” at the Fantom Foundation.

Cronje, a prominent figure in the Ethereum and DeFi circles, reappeared this Thursday on both the work social network and Twitter, after months of inactivity. And the update on his work status on LinkedIn has generated much buzz among fans of the project.

The developer is known for his involvement in Fantom and several decentralized finance (DeFi) projects on Ethereum. In particular, for being one of the creators of Finance Yearnone of the platforms the most representative of DeFi fever. Which took place in the year 2020.

Cronje had exited the project earlier this year. Since then, there had already been rumors of his possible return and, at one point, he even raised the price of FTM up to 45 percent.

This time, his return to Fantom seems to be more sustained, thanks to his LinkedIn update. And the cryptocurrency’s movement in the market has not been long in coming, with an increase of more than 20 percent in just one hour..

FTM quickly rose from $0.22 to $0.29. However, at the time of writing, the cryptocurrency has corrected with a loss of more than 5 percent. It is currently trading on the exchange at around $0.26, according to data provided by CoinMarketCap.

Fantom cryptocurrency price in October 2022.
Fantom rose more than 20% in one hour and has since fallen more than 5%. Source: CoinMarketCap.

Among Fantom enthusiasts, there does not seem to be all there is to this move. There are those who are part of the project’s Reddit community. have questioned whether Cronje has this level of influence. on cryptocurrencies in the market. Going as far as compare the movement with the impulses given by Elon Musk to Dogecoin, and that we examined over the past few days on CryptoNews.

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