It is time to take a serious look at Fantom crypto.

Since the inception of blockchain technology, we have seen many players come and go. We have also seen some new platforms come and make a name for themselves as the go-to blockchain service for many businesses, developers, organisations, governments, users, and, ultimately, projects alike.

These were platforms that started small and then blew up because the market loved what they had to offer.

Naturally, the uses and applications of a blockchain can either be limited or innumerable. However, as we all know, it is a numbers game, and Fantom has proven to us why its deserves its seat at the table.

Casually, anyone can mention that the most popular blockchains right now are [Ethereum](/coins/eth), Solana, and Polygon - assuming this was early 2021.

That changed later in '21 when the crypto market gave rise to the price of the Fantom token, aka FTM, sending it to as high as almost $2!

One may say $2 per token is such a small amount, but, in reality, it says that this asset has every right to say "to the moon". This is especially so since its three billion tokens in circulation are just about six times more than the 510 million Solana tokens in circulation.

If you draw a table and compare both blockchains and their tokens, you may find very little to disqualify Fantom.

The question now becomes: What is Fantom and why is their token so valuable at such an early stage?

FTM is valuable because Fantom is a web3 playground. Anyone who understands web3 knows that it is an entire ecosystem of decentralized exchanges, Defi, NFTs, the metaverse, cross-chain bridges, tools, lending and financing, and, most importantly, wallets. The fascinating thing here is that Fantom is supported on popular platforms you may know.

## Let’s take a look at a few of them:

•	DEXs: [Sushiswap](https://app.sushi.com/swap), CurveFi
•	Bridges: Everbridge, Multichain
•	Lending & financing: Alpaca finance, Tarot
•	NFTs: Paintswap, NFTKEY
•	Tools: 0x, Nansen
•	Wallets: Metamask, Coinbase

Consequently, the reward for involvement and participation in the web3 space is massive adoption. Building for web3, building inclusive products, and building an inclusive ecosystem are something the most successful blockchains right now all have in common. They understand that the needs of the people come first, and the only way to gain relevance that lasts is to build infrastructure that allows others to function efficiently and scale.

This is what makes FTM such a sought-after token by crypto HODLers and traders worldwide. Not just because its blockchain makes transactions super fast, but mostly because it makes DeFi seamlessly easy to use. This is due to their highly efficient smart contracts that have been integrated with platforms like Chainlink, Band Protocol, and Covalent, to mention a few.

What makes Fantom such a typical web3 playground is in its nature; the very features, integrations, and use cases that are visible with robust players like Ethereum and Solana, are also clearly identifiable in Fantom.

It is little wonder that the FTM coin has seen massive adoption in recent months, with many speculating that it may reach and probably surpass the $4 mark by the end of 2022.
 



Fantom Crypto is Becoming a Web3 Playground

Where did Elongate crypto come from? If you use Twitter often, you will notice that meme coins gained a rise in public attention, which gave rise to more meme coins coming out.

## The cause: Elon Musk and his love for Dogecoin.

The [Tesla](https://www.tesla.com/) and [SpaceX](https://www.spacex.com/) billionaire frequently shared his thoughts, memes, and use cases for [Dogecoin](/coins/doge) and the Shiba Inu coin. This allowed the billionaire to elevate meme coins to more than just internet and crypto jokes, telling the world that they can be used for purchasing really valuable things, like a Tesla.

Now, Elon Musk's service to the crypto and meme coin community inspired a certain Lorenzo Andree to startup the Elongate coin with a group of others, following a tweet the Tesla founder made in March 2021.

The rest, as they say, is history. Elongate has long moved on into being a project with a purpose; aiming to fight world hunger and climate change, which frankly is an incredibly idealistic approach to giving a crypto project relevance, especially when you place it in comparison with the likes of Bonfire [attach link to the Bonfire article here].

Since launching in March of 2021, it has donated more than 60% of its periodic profits to charitable causes, all of which are voted on by the decentralised autonomous community.

Even without much poking into the mode of operations for Elongate, one can tell that the coin has found great use cases. It has slowly become a model figure for successful meme coins in the crypto community.

Powered by the Binance Smart Chain, it makes a profit on its coin by taking a percentage of transactions carried out as fees, using it to reward holders, storing 60% of it, and then voting on what charitable causes get to enjoy the goodwill of crypto people.

This has made individuals who trade the coin feel a sense of attachment, knowing that the cost of doing business with that coin is going into a charitable cause somewhere in the world.

With more than 400,000 holders, even though the coin is worth a fraction of a cent, we see there is tremendous potential.

If you take a look at this prediction by Digitalcoin and place it side by side with the work they are doing plus the way they operate and the blockchain they are built on, you will see that in the nearest decade, it could be one of the most valuable coins around in the crypto market.

While many may be skeptical about its inception, growth, current market value, and future, it is worth noting that nothing is really ever a joke when a purpose is given to it in the crypto space. Citing the initial example of Dogecoins and Tesla's, one can begin to see possibilities in how crypto can not just be a part of our lives outside the internet, but also significantly impact it.


Elongate Crypto: When a Meme's Not a Joke

One of the many interesting cryptocurrencies of 2021 is the [Bonfire](https://www.bonfiretoken.co/?msclkid=21aaad61cf7b11ec9aeae11e9f428941) crypto token which launched in May 2021 and caused a good portion of the trading market to go into a frenzy.

Everyone wanted a piece of the token and, within a week of hitting the market, daily trading volumes were averaging $75 million. It was so successful that all who had their bets on Bonfire were sure that this coin would be the next big thing.

Reality came crashing down a few months into the year when Bonfire burnt through well over 90% of its market value and sent the price of its token plummeting into the depths of the crypto abyss.

Typically, this means all who believe in the token do what they can to bring it back to life and campaign for its growth and rise back to fame. That wasn't the case; everyone moved on and now daily trading volumes barely make it past $500,000.

## The Coin

The question then became what went wrong?

The red flags were there, but many were much more concerned with the brand purpose of Bonfire. It is a bit irresistible not to invest in a project that claims they are on a mission to educate people about the gospel of blockchain technology. This is especially the case when the tokens are numbered one quadrillion!

While this looks like it's a good thing, it eventually showed that it wasn't because basic economics has it that scarcity or limited availability of a commodity determines its value because a constrained environment will allow demand and supply to work their magic.

The result of not adhering to this principle is why the Bonfire token is worth a fraction of 1 cent today.

## The Myth

There have been many community engagement and marketing tactics employed by different crypto projects, and more will be devised and implemented. However, the approach used by Bonfire is as ingenious as it is interesting: their Reddit group features a set of "chores" newcomers must do. These tasks involve following them on social media handles and doing simple tasks like searching "bonfire" or "bonfire crypto" on search engines and YouTube, thus building a digital reputation by hacking through organic search volume to seem legit.

## The Flame

What really stands out is how easily everyone moved on. Projects rarely see increases of 1,700% in their lifetime, let alone in less than a month after launch. It seemed revolutionary, until it didn't anymore. The large, inferno-like flames of the Bonfire token trading $75 million daily were reduced to mere candle flickers of $500,000.

Despite this, the Bonfire project is still going strong with its claims of advocating for blockchain education to reinforce the value of the token and brand altogether.

Finally, a feature of Bonfire that really is interesting is the decentralised autonomous organization that has voting rights to how the project operates and what directions it should take.

This may be a step in the right direction, but will they bounce back stronger and compete with the likes of [Safemoon](/news/article/safemoon-crypto), charging towards global adoption and fandom? Only time will tell.
 



Bonfire Crypto: The Coin, The Myth, The Flame

[CoinMarketCap](https://coinmarketcap.com/) confirmed that [Safemoon](https://safemoon.com/) crypto is the most popular coin on its platform as of January 2022.

## Why?

The coin had achieved a massive FOMO outbreak that drove its market valuation way through the roof, as high as $2 billion! This can be attributed to several causes. However, most prominent is the social value it has gained, with widespread backing by an audience similar to that of [Dogecoin.](/coins/doge)

Think of Elon Musk fanboys and the gaming community, then add a newly exposed Chinese audience to that mix. What you get is a very powerful market force responsible for driving up the market value of Safemoon, by more than 8,000% in one month!

Being built on the Binance Smart Chain may have been the edge Safemoon needed to gain virality, especially for a Proof of Assignment (PoA) coin. PoA is a cryptographic consensus algorithm which used to confirm agreement on a decentralized and distributed network. 

Naturally, this is considered a merit for the Safemoon coin and its market price. Here's why: when a transaction is carried out using Safemoon, the 5% fee is split into two, with one half going back into the funding pools and the other going into the Binance Smart Chain to liquidate the trading pairs between Safemoon and BNB.

What this means is that Safemoon has a solid liquidity pool, and if you compare the current market value of Safemoon coins and tokens distributed side by side with Bitcoin, you will see that the token burn rate is steady enough for token holders to see the value of their Safemoon coins rise, in the long term.

## So what makes Safemoon different?

Since the coin launched in early 2021, the events that unfolded until the later months of that year ascribed its features to that of a meme coin, like Dogecoin. That was a significant threat (or opportunity) to the advancement and value of the Safemoon as a whole. This was greatly reflected in its price at that time. However, after they announced in a presentation to The Republic of Gambia that they wished to provide "technology for innovation and learning purposes", followed by an announcement of their venture into macro wallets, the internet of things, and the development of their own blockchain, it is pretty evident that the purpose of the Safemoon coin has evolved and may just be rocketing towards the moon.

Investing in the coin is a decision of personal choice, depending on whether or not you believe in the coin's purpose. However, there are risks to consider, as is always with crypto:

•	Safemoon has a high volatility
•	While it has a sufficient liquidity pool, volatility can render that insufficient at specific points in time
•	It is still ranked 108th out of all crypto in the world and an anonymous team runs it.

Finally, if you wish to try your hands on leveraged trading or you wish to acquire and hold some Safemoon for yourself, you can do that from many platforms.



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