Fantom: Whale Transfer Count Presents a Strange Tale for FTM Investors
The recent Fantom Weekly Recap showed the altcoin suffered from the bearish cues within the crypto market over the past week, translating to on-chain plunges. The data showed that the network had 310K active users (per week) between August 11 and 18.
That represented a 4% drop from the prior week’s 325K. Moreover, the network’s average daily transaction from August 11 to 18 hovered at 44,300. Therefore, losing 4% from the previous week’s 46,400.
Moreover, the average daily transaction metric between August 11 and 17 dropped by 0.11%. That translated to a fall from 876K in the previous week to last week’s 846,000.
Wait, There’s More
The timeframe under review saw FTM’s price decline to $0.33 from $0.37, losing 10%. While writing this content, the alt traded at $0.305, dripping approximately 11% over the past 21 days (Coinmarketcap data). Meanwhile, Santiment’s stats show unique addresses that interacted with FTM plummeted by 48%.
So far in August, the network’s daily active wallets have plunged by 65%. The timeframe under review saw 18,690 new addresses registering on the platform. Nevertheless, the price decline at that time saw new wallets joining the Fantom platform declining. The metric for new addresses signing up on the network dropped 19% over the past 21 days.
Meanwhile, Fantom’s social dominance and social volume declined by 25% and 23%, respectively, from August 11 to 18. So far this month, the social indexes have plummeted by 57% and 84%. While publishing this post, the asset’s weighted sentiment exhibited a negative number, -0.932, the highest negative number in the past three months.
Furthermore, FTM noted a dip in whale transaction count between August 11 and 18. Whale transactions worth over $100,000 declined by 85% in the timeframe under review. Meanwhile, transactions beyond $1 million disappeared on August 17 and 18, after climbing to two on August 16.
More Tricks in its Sleeves?
While publishing this post, Fantom’s CMF (Chaikin Money Flow) dynamic line stood at the center line (0.0). That spot signals enough bullish momentum on a token’s price. Thus, investors can expect FTM’s price upticks. Nevertheless, investors should remain cautious as more Fantom assets leave exchanges than entering.
Editorial credit: Ira Lichi / shutterstock.com
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