Fantom (FTM) has been on the rise over the last week and I see this more like a pump than anything else. An airdrop that is going to only the top 20 platforms in the FTM eco system so any tokens on the exchange will not be eligible. This is forcing the price up as so many are clambering for their free airdrop and if they don't have any they are now buying.
Over the last 7 days FTM TVL has risen to $7.42 billion an increase of over $2 billion. This is having this type of impact on the exchanges currently as more FTM is leaving daily. FTM is seeing levels last seen in 2019 because of 1 airdrop.
The price has been rising steadily except for today which saw a decent pullback.
I raise this airdrop as here on Hive we do things differently as I expect FTM will turn out to be a pump and dump scenario with many saying thank you for the free coins and bailing. Yes it has created awareness with many obtaining Fantom wallets which they never had before which has to be a positive.
Amazing what some people will do to obtain a free airdrop and this is why I think FTM will dump hard after this. This again highlights the difference of Hive with our airdrops as we are involved within the community and don't have to be tempted to sign up and stake as we are already here. Were there loads of new account sign ups for our airdrops last week?
I think this highlights how the market thinks and how simple they really are to influence. My thinking is if you believe in a project you invest and stake being involved within that eco system and an airdrop to lure you in is not really the answer. It will be interesting to revisit these figures over the next month and see if and what differences there are. If this is a success then I am sure other projects will take notice and offer something similar.
I am a little undecided on this approach as having investors hold your coins is and should be good enough because they obvioulsy see value in it. Forcing them to move off exchanges and into your eco system by bribing them can end in two ways and who knows if this is going to end well.