• Fantom Whale Addresses have been identified to be selling off their holdings, causing concern for investors and a potential pullback in prices.
• Crypto analytics firm Santiment released a report which highlighted these patterns of whale addresses selling large amounts of tokens.
• Investors should remain vigilant and aware of any risks associated with this activity in order to protect their investments.
Fantom, the Layer-1 blockchain network has seen success as an alternative to Ethereum, making headlines in recent months due to its surge of 200% in January 2023. However, recent on-chain data has revealed that large whale addresses are dumping tokens, raising alarm with investors who fear a bearish sentiment resulting in a price pullback.
Whale Addresses Dumping FTM Tokens
Large whale addresses holding between 10K and 100M FTM have sold off $259.7M worth of coins over the last 4 weeks, according to crypto analytics firm Santiment’s report. These tokens were acquired by smaller holders containing 0.01 to 1 FTM each. This suggests that whales are taking profits from the recent price rally, leading to speculation of a bearish market sentiment if enough investors follow suit and sell their holdings as well.
FTM Price Predictions
At the time of writing, FTM is trading at around $0.52 – 15% up from its starting price with another notable breakout taking place on 14th February 2023. It is unclear whether or not this dumping will result in an overall decrease in prices or if the current bullish trend will continue for some time yet; however it is important for investors to remain vigilant and aware of potential risks associated with these activities so as to protect their investments accordingly.
The actions taken by whales can often have an effect on prices; therefore it is important for traders and investors alike to remain informed and aware of any potential risks associated with whale activity such as token dumping so as to protect their investments accordingly. Keeping up-to-date with news related to cryptocurrency markets can help keep investors ahead of any sudden changes that may occur due to such activities.