Fantom sees decent gains despite whale dumping
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.
$FTM and the $1 mark
$FTM, the native crypto asset of the fantom, a layer-1 blockchain network for decentralized finance (DeFi), dApps, and enterprise solutions, has posted decent gains in the past 24 hours despite huge profit-taking by whales and sharks.
According to crypto analyst Ali Martinex, 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.
Per data available on 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. However, on the longer time frame, $FTM is down by 11.4% in the past seven days, but it still maintains a decent 59.3% gain in the 30-day timeframe.
While the bear market has taken its toll on the price of FTM, given that the token is down by nearly 85% since its all-time high of $3.46 in Oct. 2021, data shows that early investors who purchased the token around March 2020 are still on a 27,204.35% profit.
