The process of renaming (or rebranding) a cryptocurrency project is often accompanied by "chart changes". However, let's take a look at the performance of some leading projects after this renaming move to make a price prediction for the S token of Fantom after the name change.
What is Rebrand in Cryptocurrency?
Renaming in the cryptocurrency field is often done to revitalize the project's appeal. It creates a distinction from competitors or reflects significant changes in the project's scope, such as new partnerships, expanded functionality, or shifts in market focus.
So the question here is why do cryptocurrency projects need to change their names? BeInCrypto has looked into this issue and found that name changes in cryptocurrency are usually accompanied by token migration for several reasons:
- If a project decides to move its operations to a new blockchain or upgrade its current blockchain, it may need to create a new token on the new or updated chain.
- Renaming along with token migration in this way helps clarify the project's compliance and new commitments to legal and security standards.
- If a project has had to deal with security breaches or market sell-offs, a name change can be part of a strategy to restore the project's image and start anew.
Performance of Some Rebranded Projects in Crypto
#1. Polygon (MATIC – POL)
In a announcement in late October 2023, the Polygon project announced that the POL token has officially launched on the Ethereum mainnet. The previous MATIC token symbol has been completely replaced by POL. The renaming to POL is part of Polygon's journey to build and develop Polygon 2.0 and is expected to power the vast ecosystem of ZK-based L2 chains.
After the name change, the overall performance of Polygon's coin price, although showing positive momentum in the short term, soon faded. According to BeInCrypto's observations, after the official launch in October, the POL price rose from $0.6 and recorded a local high of $1.27 in March 2024 (over 4 months). Notably, this peak is still significantly lower than the ATH Polygon had previously achieved. Not stopping there, the POL price has since recorded a retreat, dropping to the current level of $0.52 (about 9 months).
#2. Klaytn – Kaia (KLAY – KAIA)
Unlike Polygon, Klaytn has officially changed both the project name to Kaia and the coin symbol to KAIA since the end of October 2024. Prior to this, the KLAY price had reached an ATH of $4.24 in March 2021. However, by the time of the name change, the KAIA price was only $0.124.
The market's FOMO over the past period has pushed the KAIA price to a new local high of $0.406 in early December (nearly 2 months). However, the price has also quickly declined and is currently trading at $0.2327.
Price Prediction for the S Token After Renaming
Another project that has recently changed its name (both project name and coin symbol) is Fantom. According to BeInCrypto's observations, Fantom will change to Sonic and the FTM token will be converted to S at a 1:1 ratio. Major exchanges like Binance have all announced support for this conversion process.
At the time of writing, the FTM price is trading at $0.9886, 71% lower than the previous peak of $3.46 set on 28/10/2021. This price is also significantly lower than the recent local high of $1.44.
Therefore, if the scenario repeats similar to KAIA or POL before, the $1.44 level may not be the local peak, and the S token could potentially reach a local peak of $2 - $3 within the next 2 - 4 months.
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