Fantom price pumps despite $260M FTM whale selloff

Layer 1 (L1) blockchain network Fantom (FTM) has surged 10% over the past 24 hours, reaching $0.51 at the time of writing. of crypto slate data.

FTM is one of the best performing digital assets of the year.

positive price action matched Many upgrades designed to increase the speed and throughput of the L1 blockchain network.

FTM whales are dumping

The positive price action caused a massive dumping between the FTM holding shark and whale addresses.

41% fewer addresses Holding between 10,000 and 100 million FTM token is generated, according to to blockchain analytics company Santiment.

Source: Santimento

Over the past month, these addresses have been Dumped approximately $260 million in assets.

Meanwhile, the number of retailers

DeFi activity surges

Decentralized finance (DeFi) activity within the Fantom ecosystem has also skyrocketed as asset prices have risen.

According to DeFillama, Fantom’s total value of locked assets (TVL) increased by 5% to $506.28 million in the last 24 hours. data.

According to DeFillama data, the ecosystem’s TVL will surpass $500 million for the first time in 2023 on January 27th, hitting a high of $577.06 million on February 3rd before returning to current levels. I was.

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