Fantom (FTM) has surged 24% to $0.27 in the past 24 hours amid rumors that DeFi pioneer Andre Cronje is returning to the industry.
The price action continues the asset’s recent uptrend, rising 25% over the past 7 days and over 20% over the past 30 days. FTM traded above $0.40 for him in early August. However, the asset was hit by a market downturn, and on October 13, its value dropped to $0.19.
The total amount of assets locked in the Phantom also reacted positively to the speculation, rising It rose 3.10% in the last 24 hours to $517.22 million.
Kronje Rumored Return
Rumors of Cronje’s return began last week when he published a medium post discussing various issues that led to the recent market meltdown. DeFi developers have also used the opportunity to call for further regulatory reform.
The blog post has divided the crypto community, with some claiming it wasn’t from him. I added that I was seated.
—iamDefinitivelyandre.ftm (@AndreCronjeTech) November 3, 2022
His verified Twitter account also shared a tweet alluding to his return to the industry.
July, Cronje rejected He was behind an account impersonating him on Twitter. The now-deleted account tweeted about the developer’s return to the industry, leading to a brief rally in FTM-related tokens.
Cronje is widely regarded as the father of DeFi and is credited with developing several projects including Yearn Finance, Keep3rV1, PowerPool, SushiSwap, PowerPool and CreamV2. He is the president of his Fantom Foundation and served as his technical advisor on the project.