Fantom Gains 10% Despite Whale Dumping: On-Chain Data
16. Februar 2023 | by admin
• Fantom’s native $FTM token has posted a more than 10% price gain in the past 24 hours despite increased selling activity on centralized exchanges by whales.
• More than 8 million FTM tokens were dumped on centralized exchanges on Valentine’s day, increasing the token supply by 7.04 million $FTM on these platforms.
• According to Coingecko, the price of $FTM has witnessed a 10.6% increase in the past 24 hours, exchanging hands for $0.519213, with a trading volume of $728,951,739.
Fantom Sees Decent Gains Despite Whale Dumping
Fantom’s native crypto asset, the $FTM token has shown decent gains in the past 24 hours despite increased selling activity from whales and sharks on centralized exchanges. The token is up 10.6% over the last day and 59.3% over the last 30 days according to data from CoinGecko; however it is still down 11.4% over the last 7 days and 85% since its all-time high in October 2021. Early investors who purchased around March 2020 are still showing massive profits of 27,204%.
Whales Dump 8 Million Tokens
On Valentine’s Day this month 8 million FTM tokens were dumped on centralized exchanges resulting in an increase of 7.04 million FTM tokens on those platforms according to crypto analyst Ali Martinex. Shark and whale addresses holding between 10K – 100M FTMs have dropped a total of 259.7M worth coins over 4 weeks which have largely been scooped up by micro investors holding 0-1 FTMs according to Santiment Analytics data tracking platform.
Price Performance Overview
The current trading price of FTM tokens is at $0.519213 according to CoinGecko with a 24 hour trading volume of 728 million dollars at time of writing this article; This puts it up 10% from where it was yesterday but down 11% from where it was seven days ago as previously mentioned before and 85% lower than its all-time high back in October 2021 when it reached 3$.
Long Term Profitability
Early adopters who purchased FTM tokens around March 2020 are currently showing huge profits with returns of 27,204%, making them one example among many projects that have seen impressive return rates for their investors especially during bear markets such as today’s market conditions
Despite heavy dumping activity by whales and sharks in recent weeks, Fantom’s native asset shows strong signs of recovery as its price continues to surge upward over short term periods while still maintaining impressive long term profitability for early adopters who bought into the project back when prices were much lower than they are today