A whale’s move to acquire huge amounts of Fantom (FTM) tokens has garnered interest from market participants. That is according to data shared by Spot on Chain today December 7.
The on-chain analytics platform spotted a big whale who spent 420 Lido wstETH tokens ($2 million) to buy 1.47 million FTM tokens in a single transaction. The big investor capitalized on price volatility, bought Fantom hoping for a potential price rise.
In the last six days, the whale has spent a total of $19 million worth of Ethereum to buy the following cryptocurrencies:
- 531.7 billion PEPE tokens ($11.04 million)
- 4.55 million Fantom tokens ($5.83 million)
- 1.37 million Aerodrome Finance tokens ($2.14M)
Spot on Chain metrics show that the big investor still holds 4,058 $WSTETH ($19.27 million).
Investors show robust enthusiasm for FTM
The effort by the large investor snapping up massive FTM tokens shows that the altcoin is emerging as a major bullish crypto. Currently, Fantom exhibits a positive outlook, attributed to investors and traders having a strong bet on the asset.
The latest inflow/outflow data indicates that investors and whales have extensively accumulated the coins in the last one week. During this period, Fantom’s net flow has been negative, signaling big investors have enormously withdrawn the coins from exchanges.
Even traders have demonstrated their strong interest in the token over the past few days. Fantom’s Open Interest has increased, indicating rising interest and confidence in the crypto.
Latest metrics indicate that more FTM tokens have exited exchanges, as investors store them in cold wallets, implying less selling pressure from sellers. This signifies rising confidence among investors as holders remove Fantom tokens from exchanges and store them in cold wallets, leading to a price uptrend.
Fantom preparing for its Sonic Labs launch
FTM maintains resilience as its value is up 1.3% currently. The token experienced a price uptick of 29.80% in the last seven days, meaning it is outperforming the global digital asset market which is up 7.50%.
The price spike comes when Fantom plans to upgrade its brand to Sonic Labs. The upgrade is part of efforts to introduce several technological innovations that can significantly enhance the Fantom network’s performance and scalability.
In August, Fantom announced proposals to rename its brands into Sonic Labs. Sonic expects to unveil a new coin, called S token, which will enter the ecosystem through incentive plans, simplified staking, big airdrops, and many more. Though the transition from Fantom to Sonic Labs has been completed, the launch of Sonic is set to happen before the year ends.
Early this month, Sonic Labs stated that it intends to publicly launch its layer-1 blockchain Sonic soon, following the completion of the transactions block on its chain.
Sonic Labs describes the Sonic layer 1 blockchain as a high-speed Ethereum Virtual Machine-compatible blockchain designed to provide attractive rewards and innovative infrastructure. It is a next-generation blockchain replacing the existing Fantom Opera network. The rebranding to Sonic is set to improve network performance by decreasing latency and transaction fees.
Sonic Labs is also obtaining assistance from the Fantom Foundation — a nonprofit organization that has been managing the operations and advancement of Fantom’s decentralized finance ecosystem since 2019.
