FTM token jumps 20% on rumors of André Cronje’s return to Fantom Foundation

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Against rumors of the return of Fantom’s lead DeFi developer André Cronje to the Fantom Foundation, the native token FTM rose by nearly 20%.

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As of this writing, the asset was trading near $0.26.

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The rumors were sparked by Cronje’s own actions. The developer added the FTM ticker to his Twitter profile and posted a message with the phrase “here we go again”. He also stated on LinkedIn that he works as “Vice President of Memes” at Fantom Foundation.

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Andre Cronje today:

• Adds .ftm to his bio
• Updates his LinkedIn to \”Vice President of Memes\” at @FantomFDN
• Updates profile picture
• Posts \”here we go again\” photo

He’s back. 👀 $FTM pic.twitter.com/Riutxvnu1J

— Miles Deutscher (@milesdeutscher) November 3, 2022

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In March 2022 Cronje and Fantom Foundation’s chief architect Anton Nell announced their decision to leave the industry.

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Meanwhile Cronje continued to participate in the project’s development. In May he proposed to change the liquidation model of sFTM and fUSD, as well as to introduce a cap on asset issuance in the blockchain.

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Back then, FTM jumped 40%.

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Some influencers noted that Cronje had not left the Fantom community. For example, investor Nick Drakon described the pump on the rumors as “hilarious.”

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This $FTM pump because Andre posted a joke on LinkedIn is hilarious.

Folks thinking of his ‘return’ should realize that he never went anywhere and has been part of the decision making process all year at the FF.

Be careful getting bullish in this environment on this fluff.

— Nick Drakon (@NickDrakon) November 3, 2022

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«This pump of FTM due to André’s joke on LinkedIn is hilarious. Those who think about his “return” should understand that he never left and has been part of the decision-making process at the Fantom Foundation all year. Be careful with bullish sentiment based on fluff in this environment», — wrote him.

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Traders going by the alias Tree of Alpha also noted that crypto industry participants are particularly prone to loyalty to a “cult of personality.” The expert allegedly earned over $233,000 from the pump.

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1/ People in general have always had a tendency towards cults of personality, and Crypto exacerbates that.

For quite some time during the bull run, Andre Cronje was THE ambassador for $FTM.
Leaving was a great short opp. on $FTM (which I also took then). https://t.co/3IlGDbm0AA pic.twitter.com/AtHAbCv9jR

— Tree of Alpha (@Tree_of_Alpha) November 3, 2022

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In April 2022 Cronje was criticised for calling for DeFi regulation.

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