• Fantom whale addresses have been identified to be selling off their holdings, causing alarm for investors.
• Santiment reported that whale and shark addresses containing 10K-100M FTM had dropped $259.7M in the past 4 weeks.
• Analysts suggest that whales are taking profits from the recent price rally, leading to a bearish sentiment in the market if enough investors follow suit and sell off their holdings.
Fantom Whale Addresses Selling Off
The sudden surge of FTM prices has caused alarm among investors as large Fantom whale addresses have been identified to be selling off their holdings. Whales are often influential players in the cryptocurrency market and their actions can often have an effect on prices.
FTM Price Rally
Fantom, the Layer-1 blockchain network gained immense popularity as a viable alternative to Ethereum and has made a remarkable comeback since the start of 2023 with a surge of more than 200%. Currently, FTM is trading at around $0.52 – 15% up from its starting price – with another notable breakout taking place on 14th Feb.
Crypto analytics firm Santiment recently released a report which highlighted patterns showing that addresses holding 10K to 100M $FTM had dropped – an astonishing $259.7M worth of coins in the past 4 weeks – largely acquired by smaller addresses containing 0.01 to 1 $FTM each.
Analysts noted that these whale addresses have been selling off their tokens at a rapid rate, indicating they are taking profits from the recent price rally – leading to a bearish sentiment in the market if enough investors follow suit and sell off their holdings.
It is important for traders to remain vigilant and aware of any potential risks associated with this activity – such as whales dumping their token holdings which could lead to a pullback in prices if enough investors follow suit and sell off theirs too.