Layer1 (L1) blockchain community Fantom (FTM) rose by 10% within the final 24 hours to $0.51 as of press time, based on CryptoSlate’s knowledge.
FTM is likely one of the best-performing digital belongings within the present 12 months — rising by greater than 200% to as excessive as $0.65 as of Feb. 3, from a low of $0.1997 recorded on Jan. 1.
The optimistic value motion coincided with quite a lot of upgrades designed to enhance the velocity and throughput of the L1 blockchain community.
FTM whales are dumping
The optimistic value motion has led to large dumping amongst shark and whale addresses holding FTM.
A 41% drop in addresses holding between 10,000 to 100 million FTM tokens occurred, in accordance to blockchain analytical agency Santiment.
Over the previous month, these addresses have dumped roughly $260 million of the asset.
In the meantime, the variety of retail merchants
DeFi actions soar
Decentralized finance (DeFi) actions inside the Fantom ecosystem have additionally soared alongside the asset’s value rise.
The entire worth of belongings (TVL) locked in Fantom rose by 5% to $506.28 million within the final 24 hours, based on DeFillama knowledge.
The ecosystem’s TVL crossed $500 million for the primary time in 2023 on Jan. 27 and touched a excessive of $577.06 million on Feb. 3 earlier than retracing to its present ranges, based on DeFillama knowledge.