Because the 12 months nears to shut, Fantom (FTM) attracts consideration from market individuals following a whale who transferred large quantities of Fantom tokens to Binance right this moment.
A crypto on-chain analyst, popularly referred to as the Knowledge Nerd, noticed the event and shared it on the X platform. Nonetheless, such an exercise is critical because it may trigger bears on the Fantom’s value.
Whale deposits huge quantities of FTM
In accordance with knowledge from the crypto analyst, the whale deposited 10 million FTM tokens value $8.17 million to Binance right this moment. Metrics evaluation indicated that the dealer collected a sum of 23.45 million Fantom tokens two years in the past at a median value of $0.618.
Such switch indicators that the dealer intends to promote them or needs to make use of them within the DeFi markets. In sure circumstances, he maybe might need to maintain and use it after the Fantom rebranding is full. Knowledge exhibits that if he have been to promote the ten million FTM tokens right this moment, he would have earned a revenue of $2 million.
2 hours in the past, a whale 0x8be deposited 10M $FTM (~$8.17M) to #Binance.
2 years in the past, 23.45M $FTM have been collected at avg entry $0.618.
Undecided whether or not he promote or look forward to rebrand???
If promoting, he may have realized revenue ~$2M.
Tackle:https://t.co/Z2pXVqIYbj pic.twitter.com/W2w8atexG1
— The Knowledge Nerd (@OnchainDataNerd) December 28, 2024
This funds motion may have been triggered by the latest announcement by Binance that it’ll facilitate FTM rebranding and token interchange.
As per the report made on Dec.24, Fantom will change its model identify from “Fantom (FTM)” to a brand new enterprise trademark referred to as “Sonic (S)” in early January 2025. As a part of the rebranding course of, Binance introduced that it’ll discontinue withdrawals and deposits of Fantom and take away all its buying and selling pairs resembling FTM/ETH, FTM/USDT, FTM/BTC, and so forth., as from January 13 at 3:30 UTC.
In consequence, the FTM coin will begin utilizing the crypto ticker “S” on Binance. After the rebranding course of is concluded, Binance will rollout buying and selling for S/ETH/ S/USDT, S/BTC, S/USDC, S/EUR, S/BNB/ S/TRY, and S/FDUSD buying and selling pairs starting January 16 at 8:00 UTC.
After the announcement, buyers and merchants raised issues concerning the impression of the token transition on the Fantom value. Nonetheless, the report highlighted that each one Fantom tokens can be interchanged with Sonic at a 1:1 ratio (1FTM = 1S), displaying that there can be no substantial impact on the value.
Fantom value updates
On the time of writing, FTM is buying and selling at $0.7931, down 6.9% over yesterday. It is usually down 17.80% up to now seven days, which means that it’s underperforming the worldwide digital property market which is up 0.10% at present. Moreover, its buying and selling quantity is down 3.40% to $356.619 million, signaling a latest diminish in market exercise.
These declines signify a decreased participation from buyers and merchants following the announcement. Merchants’ and long-term holders’ curiosity after the replace seems bearish as they’re consistently creating new positions and promoting tokens, as per on-chain metrics from Coinglass.
As well as, metrics from FTM spot influx/outflow present that exchanges have seen substantial inflows of FTM tokens just lately. These inflows point out that long-term holders dump tokens from their wallets to exchanges, reflecting a possible downward development however an ideal shopping for alternative.
In accordance with Coinglass, FTM open curiosity has decreased by 5.08%, displaying the institution of latest positions and lowered participation from merchants, indicating rising warning amongst buyers.
