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Fantom sees good gains despite dumping whales

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Fantom’s native FTM token has gained more than 10% in price over the past 24 hours despite increased selling activity on centralized exchanges by whales.

$FTM and $1 sign

$FTM, the original crypto-asset of fantom, a layer-one blockchain network for decentralized finance (DeFi), dApps, and enterprise solutions, has made decent gains over the past 24 hours despite massive profit-taking by whale sharks.

According to cryptocurrency analyst Ali Martinex, more than 8 million FTM tokens were dumped on centralized exchanges on Valentine’s Day, increasing the supply of tokens by $7.04 million on these platforms.

According to the data available on Coingecko, the price of $FTM increased by 10.6% in the past 24 hours, exchanging hands for $0.519213, and a volume of $728,951,739. However, on the longer timeframe, $FTM is down 11.4% in the past 7 days, but it still maintains a decent 59.3% gain in the 30-day timeframe.

While the bear market has weighed on the FTM price, given that the token has fallen nearly 85% since its all-time high of $3.46 in October 2021, the data shows that early investors who bought the token around March 2020 are still making a profit of 27,204.35%.

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