Fantom price pumps despite $260M FTM whale selloff

Layer1 (L1) blockchain network Fantom (FTM) rose by 10% in the last 24 hours to $0.51 as of press time, according to CryptoSlate’s data.

FTM is one of the best-performing digital assets in the current year — rising by more than 200% to as high as $0.65 as of Feb. 3, from a low of $0.1997 recorded on Jan. 1.

The positive price action coincided with a number of upgrades designed to increase the speed and throughput of the L1 blockchain network.

FTM whales are dumping

The positive price action has led to massive dumping among shark and whale addresses holding FTM.

A 41% drop in addresses holding between 10,000 to 100 million FTM tokens occurred, according to blockchain analytical firm Santiment.

Fantom
Source: Santiment

Over the past month, these addresses have dumped roughly $260 million of the asset.

Meanwhile, the number of retail traders 

DeFi activities soar

Decentralized finance (DeFi) activities within the Fantom ecosystem have also soared alongside the asset’s price rise.

The total value of assets (TVL) locked in Fantom rose by 5% to $506.28 million in the last 24 hours, according to DeFillama data.

The ecosystem’s TVL crossed $500 million for the first time in 2023 on Jan. 27 and touched a high of $577.06 million on Feb. 3 before retracing to its current levels, according to DeFillama data.

At the time of press, Fantom is ranked #41 by market cap and the FTM price is up 13.81% over the past 24 hours. FTM has a market capitalization of $1.49 billion with a 24-hour trading volume of $687.69 million. Learn more ›

Fantom

15 Feb at 12:37 pm UTC

$0.54

13.81%

FTMUSD Chart by TradingView

Fantom On-Chain Analysis

Market summary

At the time of press, the global cryptocurrency market is valued at at $1.05 trillion with a 24-hour volume of $62.85 billion. Bitcoin dominance is currently at 41.86%. Learn more ›

Bookmark (0)

Related Posts

Billionaire Tim Draper tells businesses to hold Bitcoin in the SVB aftermath

Billionaire Tim Draper tells businesses to hold Bitcoin in the SVB aftermath

Draper said cryptocurrencies are a good option to hold excess cash as it needs to be a long-term holding that is easily saleable in times of crisis.

Bookmark (0)
Bitwise CIO sees ‘no path forward’ for spot Bitcoin ETF

Bitwise CIO sees ‘no path forward’ for spot Bitcoin ETF

Bitwise CIO Matthew Hougan Speaks on the SEC’s Stance on Spot Bitcoin ETFs

Bookmark (0)

LBank Breaks Down Bitcoin’s Double-Digit Price Surge

Bookmark (0)
CryptoSlate Daily wMarket Update: Bitcoin bulls successfully defend $27,800

CryptoSlate Daily wMarket Update: Bitcoin bulls successfully defend $27,800

The wMarket Update condenses the most important price movements in the crypto markets over the reporting period, published 07:45 ET on weekdays.

Bookmark (0)
Binance bug dumps BTC 1.39% – CZ assures ‘Funds are #SAFU’

Binance bug dumps BTC 1.39% – CZ assures ‘Funds are #SAFU’

Binance tweeted that it knew of an issue impacting spot trading and said it was working to resolve it soon. 

Bookmark (0)
Zipmex acquisition faces challenges as buyer misses $1.2M payment

Zipmex acquisition faces challenges as buyer misses $1.2M payment

Zipmex reportedly said the failed payment could force it to liquidate its technology unit and suspend its payroll.

Bookmark (0)

Leave a Reply

Your email address will not be published. Required fields are marked *