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.
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 ›
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 ›
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