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Data from crypto analytics service provider Santiment has showcased the ongoing steady dumping off of Fantom (FTM) by major whale addresses since the start of the year. According to the analytics service provider, Fantom addresses holding from 10,000 to 100 million FTM units dropped $259.7 million worth of coins in the past four weeks.
While the sell-off by the big bag holders is supposed to stir a shrink in the price of the digital currency, the opposite appears to be happening. Per Santiment data, the tokens being dumped off are largely being accumulated by micro addresses holding 0.01 to 1 FTM tokens, respectively.
🦈🐳👋 #Fantom's shark and whale addresses have dumped heavily during this 2023 rise. Addresses holding 10K to 100M $FTM dropped $259.7M worth of coins in the past 4 weeks. These coins have largely been scooped up by micro addresses holding 0.01 to 1 $FTM. https://t.co/JNzdDTgjAg pic.twitter.com/2BUoysNH65
— Santiment (@santimentfeed) February 15, 2023
The Fantom price is responding more to the retail accumulation than to the whale sell-off. The token is changing hands at $0.5118, up 11.3% at the time of writing, according to data from CoinMarketCap. Fantom has enjoyed a steady price uptrend this year, riding the wave of the general uptrend in the crypto ecosystem.
Earlier this month, the price of Fantom surged by more than 183% as one of its pioneering developers and DeFi veteran Andre Cronje explained the strengths of the Directed Acyclic Graph (DAG) protocol.
Whale influence on crypto
It remains a surprising development that Fantom has found grace among retail investors as whale holders dump their coins. Ideally, prices move upward in tandem with the positive buying momentum of market whales while the opposite trend is recorded when there is a sell-off.
One of the major digital currencies that have enjoyed a related whale uptick is Cardano (ADA). Besides the remarkable upgrades to the protocol, ADA whales have also helped contribute to the steady uptrend in the price of the digital currency, which is up by 9.7% over the past 30 days to $0.384.
Ziliqa (ZIL) and Shiba Inu are other digital currencies that have benefited from the positive buying actions of market whales thus far this year.