• 23 July, 2024
Market News

During the 2023 Market Surge, Fantom’s Shark and Whale Addresses Have Seen a Considerable Dip

Data reveals that addresses holding between 10K and 100M $FTM have sold off a total of $259.7M worth of coins over the past 4 weeks. Interestingly, these coins appear to have been acquired mostly by micro addresses containing just 0.01 to 1 $FTM each – an indication of retail investors and traders entering the Fantom space in droves.

Source: Santiment

The 2023 market rally has had a significant impact on Fantom’s whale and shark addresses. While it may still be too early to tell where this will lead, one thing is certain: the Fantom ecosystem is growing in size and diversity as retail investors jump on board. This could mean big things for the future of Fantom.

Time will tell whether the influx of retail investors will be able to sustain Fantom’s growth and long-term success. In the meantime, this could represent a great opportunity for retail traders to get involved in an exciting new blockchain platform. 

The migration of coins from larger to smaller wallets can also be seen as a sign of increased decentralization, which is generally viewed as a positive development by the crypto community.

It remains to be seen whether this trend holds up over the course of the coming weeks, but one thing’s for sure: the 2023 market surge has created a prime opportunity for more investors to get involved with Fantom.

So, if you’re considering entering the space and taking advantage of this upswing, now might be a perfect time! With retail investors already starting to make their move, there’s no better time than the present to join in the action and experience the potential of Fantom first-hand.

FTM technical outlook?

The FTM technical outlook is currently looking very strong. The coin has been in a sustained uptrend since April of this year, with daily technical indicators showing plenty of bullish momentum. The coin has held above the 200-day moving average for most of its run, and the MACD shows no signs of reversal yet.

Source: Tradingview

The SMA50 and SMA200 both remain in long-term bullish formations, with the former currently sitting around $0.35 and the latter sitting around $0.21. The Relative Strength Index (RSI) is indicating strong bullish sentiment, currently holding above 70 for much of 2023.

This suggests that there is still plenty of upside potential for this coin and that the current uptrend may continue in short to medium-term. Traders should, however, remain cautious, as anything can happen when dealing with cryptocurrencies. As always, proper risk management should be practiced when entering any position.

Conclusion

Fantom’s whale and shark addresses have seen a major dip during the 2023 market surge, with retail investors scooping up much of the coins that were sold off. This could be a great opportunity for new traders to join in on the action, as well as an indication of increased decentralization within the ecosystem.

Disclaimer:  This article should not be taken as financial advice and should only be used for informational purposes. The author is not responsible for any losses incurred due to trading or investment decisions based on this article.

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