Whale activity in an altcoin could lead to further acceleration in price.
An analyst using the on-chain analysis platform Santiment’s data, known as Ali, shared on Mar 8th the whale activity in Fantom (FTM).
According to the post, there is a significant increase in whale activity in Fantom. The analyst stated that there is a sharp increase in FTM whales’ assets and a decrease in FTM balances on exchanges.
The decrease in FTM on exchanges is expected to lead to a decrease in circulating supply, potentially resulting in a rise in demand and price.
Analyst Ali expressed that these whale activities are supported by the recent price increase and that the altcoin is showing a strong stance.
According to CoinGecko data, FTM has seen a growth of over 100% in the last 14 days, and it has been trading sideways for the past few days. At the time of writing, FTM is trading at $0.802.
