Rumors of Andre Cronje’s return cause Fantom to spike 24%
Fantom (FTM) is up 24% over the last 24 hours to $0.27 amid rumors that DeFi trailblazer Andre Cronje is returning to the industry.
The price movement continues the asset’s recent upward trend, which had seen it rise by 25% in the last seven days and over 20% in the previous 30 days. FTM traded over $0.40 in early August; however, the asset experienced a market downturn that pushed its value to as low as $0.19 on Oct 13.
The total volume of assets locked in Fantom also reacted positively to the speculation, rising 3.10% in the last 24 hours to $517.22 million.
Cronje’s rumored return
Rumors of Cronje’s return began last week when he published a medium post discussing the various issues that led to the recent market meltdown. The DeFi developer also used the opportunity to call for more regulatory reforms.
The blog post divided the crypto community, with some arguing that it was not from him. However, earlier today, Cronje updated his LinkedIn to the Vice President of Memes at the Fantom Foundation, adding that he started the position this month.
— iamdefinitelyandre.ftm (@AndreCronjeTech) November 3, 2022
His verified Twitter account also shared a tweet that implied he was back in the industry — all of these have sparked speculation that Cronje has finally returned.
In July, Cronje denied he was behind an account masquerading as him on Twitter. The account, which has now been deleted, tweeted about the developer returning to the industry, leading to a brief pump for FTM-related tokens.
Cronje is widely hailed as the father of DeFi and is credited with developing several projects, including Yearn Finance, Keep3rV1, PowerPool, SushiSwap, PowerPool, CreamV2, etc. He was Chairman of the Fantom Foundation and served as the project’s technical advisor.
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