The post Binance Reveals Fantom to Sonic Swap and Rebranding – Should You Sell FTM Now or Wait? appeared on BitcoinEthereumNews.com.

Binance will halt deposits and withdrawals of FTM and delist all its trading pairs. The report clarified that all FTM tokens will be swapped to S at a 1:1 ratio. Amid ongoing market uncertainty, Fantom’s native token, FTM, is making waves and garnering significant attention from crypto enthusiasts. On 24th December, Binance, the world’s largest cryptocurrency exchange, published a report highlighting that it will support Fantom’s rebranding and token swap. What is happening to FTM? According to a recent report, Fantom is set to rebrand as Sonic (S) in early January 2025. Following this rebranding announcement, Binance stated that it will halt deposits and withdrawals of FTM and delist all its trading pairs, including FTM/BTC, FTM/USDT, and FTM/ETH, effective January 13, 2025, at 3:30 UTC. Additionally, the FTM token will adopt the ticker “S” on Binance. Once the rebranding process is complete, Binance will open trading for the S/BTC, S/BNB, S/ETH, S/EUR, S/FDUSD, S/TRY, S/USDC, and S/USDT trading pairs starting 16th January, 2025, at 8:00 UTC. Following this announcement, traders and investors have expressed concerns about its impact on the FTM price. However, the report clarified that all FTM tokens will be swapped to S at a 1:1 ratio (1 FTM = 1 S), indicating that there will be no significant impact on the price. At press time, FTM was trading near $1 and has experienced a price decline of 0.35% in the past 24 hours. During the same period, its trading volume surged by 37%, indicating increased participation from traders and investors following this update. Fantom technical analysis and key levels  According to AMBCrypto’s technical analysis, FTM is at a crucial support level of $0.95. Based on recent price action and historical momentum, if the altcoin holds this support level, there is a strong possibility it could soar by…

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Filed under: News - @ December 25, 2024 11:14 am