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Fantom, the Layer-1 blockchain network which gained popularity as an alternative to Ethereum, is once again in the news this year. After facing a severe meltdown in last year’s crypto crash, FTM made strong gains since the beginning of 2023.
During the last month of January 2023, FTM gained by more than 200%. As of press time, FTM is trading 15% up at a price of $0.52 with a fresh breakout on Valentine’s Day.
But on-chain data flashes a warning signal that Fanrom’s shark and whale addresses have been dumping heavily during the 2023 market recovery. The report from Santiment notes:
Addresses holding 10K to 100M $FTM dropped $259.7M worth of coins in the past 4 weeks. These coins have largely been scooped up by micro addresses holding 0.01 to 1 $FTM.
Fantom Retail Investors Overcome Whale Dumping
Considering Tuyesday’s price action in Fantom, it seems that retail players have managed to absorb the whale dumping significantly so far. The FTM price has managed to breach past the supply wall of $0.43 and $0.49, where ~3,000 addresses bought ~656 million FTM.
Now, FTM has converted this supply wall into support. Currently, there’s no major resistance in sight for FTM which could suggest that the price could rally further in a strong upswing.
Besides, the network activity on the Fantom blockchain is quite intriguing. Popular crypto trade Ali Martinex noted: “On-chain data shows a significant spike in idle $FTM tokens exchanging hands. This coincided with a spike of 8.83 million FTM tokens flowing into crypto exchanges and a 7.04 million $FTM increase in supply on exchanges”.
Fantom is an open-source decentralized smart contracts platform created as an alternative to the Ethereum blockchain. It leverages the directed acyclic graph (DAG) while offering decentralized finance (DeFi) services to developers who use its services. Fantom rose to fame during the crypto bull run of 2021 and developers have been launching their dApps on the platform since then.
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