Santiment, the leading cryptocurrency data analytics platform, has reported a major shift in the ownership of Fantom (FTM) coins during the recent 2023 crypto surge. The analysis shows that large addresses, referred to as “sharks” and “whales,” have heavily dumped their FTM holdings, while micro addresses have been quick to scoop them up.
According to Santiment’s data, addresses holding between 10,000 and 100,000,000 FTM, the sharks and whales of the FTM market, have sold off a staggering $259.7 million worth of coins over the past four weeks. This dumping activity has resulted in a sharp decline in the overall FTM price.
However, the good news is that smaller addresses, holding only between 0.01 and 1 FTM, have seized this opportunity to buy up the coins at discounted prices. These micro addresses have acquired a total of 304.2 million FTM coins in the past four weeks, indicating that they are optimistic about the long-term growth potential of this crypto.
The FTM community has responded positively to this development, as it indicates a healthy market and growing interest in the coin. The FTM project has been gaining popularity as a fast and scalable blockchain platform that supports smart contracts and decentralized applications.
Santiment’s data provides valuable insights, but it is not a guarantee of future performance. Nonetheless, it is an interesting time for the FTM market, and many eyes will be watching to see how this shift in ownership plays out.
Fantom (FTM) price surges 13%
Fantom (FTM) price has surged by 13% in the last 24 hours, following news of a significant supply wall being overcome by the cryptocurrency. The surge in price comes in response to recent reports of a whale dumping a large number of FTM tokens, causing concern among investors.
According to on-chain analyst Ali Martinez, over 246 million FTM tokens, worth $113.2 million, were sold or redistributed over the past week. This news initially caused panic among investors, as they feared a drop in price due to the sudden increase in supply.
However, Martinez has since reported that the Fantom (FTM) price has responded positively to the news, as the cryptocurrency managed to overcome the supply wall and turn it into support. It has led to renewed confidence among investors, with many predicting an important upswing in the coming days.
CoinMarketcap’s data shows that Fantom (FTM) is currently trading at $0.5262, with a significant 60% growth in 24-hour trading volume. Additionally, on-chain data from @santimentfeed shows that the FTM price has no other important resistance barriers ahead, indicating that the cryptocurrency is preparing for a significant upswing.
Nevertheless, despite the initial concerns raised by the whale dumping news, the FTM price has responded positively and is now on the path to a potential upswing in the coming days.
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