Whales are grabbing massive amounts of FTM despite departure of key figures from the industry

Whales on the Ethereum network have initiated a series of massive purchases of the FTM cryptocurrency, with over 18 million FTM purchased in the past 15 hours.

Whales grab $15 million worth of FTM

According to the token page on the service, the FTM token has faced a 15% increase in the number of active addresses among the whales, but at the same time, the net inflow to the asset has decreased by almost 100 % and reached negative $17 million.

whales-are-grabbing-massive-amounts-of-ftm-despite-departure-of-key-figures-from-the-industry

But while net inflows to the asset remained negative, trading volumes faced a massive 409% spike. The reason behind the growing attention towards the token can be tied to the underlying value of the token: a total number of decentralized applications, TVL, and circulating supply.

Fantom continuously supports developers from various fields and provides grants to develop new on-chain protocols. Despite Andre Cronje’s departure from the project, the developers who previously worked for FTM will expand the ecosystem further.

Previously, the director of content at FTMAlert compared Fantom to Apple, which lost Steve Jobs in 2011 but has grown significantly and made $130,000 million in profits over the past ten years.

After Cronje left the industry, FTM and other DeFi tokens lost around 30% of their value in terms of market performance. FTM dipped below $1.20 and hit a local bottom in December. The token is trading around September.

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