Fantom price pumps despite $260M FTM whale selloff

Layer1 (L1) blockchain web Fantom (FTM) roseate by 10% successful the past 24 hours to $0.51 arsenic of property time, according to CryptoSlate’s data.

FTM is 1 of the best-performing integer assets successful the existent twelvemonth — rising by much than 200% to arsenic precocious arsenic $0.65 arsenic of Feb. 3, from a debased of $0.1997 recorded connected Jan. 1.

The affirmative terms enactment coincided with a fig of upgrades designed to increase the velocity and throughput of the L1 blockchain network.

FTM whales are dumping

The affirmative terms enactment has led to monolithic dumping among shark and whale addresses holding FTM.

A 41% driblet successful addresses holding betwixt 10,000 to 100 cardinal FTM tokens occurred, according to blockchain analytical steadfast Santiment.

Source: Santiment

Over the past month, these addresses have dumped astir $260 cardinal of the asset.

Meanwhile, the fig of retail traders — micro addresses holding betwixt 0.1 – 1 FTM — accrued by 53% during the aforesaid period. This cohort has been aggressively buying during the whale dumping period, Santiment added.

DeFi activities soar

Decentralized concern (DeFi) activities wrong the Fantom ecosystem person besides soared alongside the asset’s terms rise.

The full worth of assets (TVL) locked successful Fantom roseate by 5% to $506.28 cardinal successful the past 24 hours, according to DeFillama data.

The ecosystem’s TVL crossed $500 cardinal for the archetypal clip successful 2023 connected Jan. 27 and touched a precocious of $577.06 cardinal connected Feb. 3 earlier retracing to its existent levels, according to DeFillama data.

The station Fantom terms pumps contempt $260M FTM whale selloff appeared archetypal connected CryptoSlate.