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Fantom investors, whale transaction count has a quirky tale for you

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Source: Unsplash

In its latest “Weekly Recap Week,” report, Fantom revealed that it was impacted by the bearish sentiment of the cryptocurrency market in the last week as it suffered some on-chain decline.

According to the information provided, between 11-18 August, the network logged 310,000 weekly active users.

This was a 4% decline from the 325,000 recorded the previous week. Also, average daily transactions on the network between 11-18 August totaled 44,300. Thus, dropping by 4% from the 46,400 average daily transactions recorded last week.

Furthermore, the index for average daily transactions on the network between 11-17 August declined by 0.11%. Thereby, falling from 847,000 in the previous week to 846,000 recorded last week. 

Wait, there is more

In the period under review, the price of FTM dropped from $0.37 to $0.33, declining by 10%. As of this writing, the coin exchanged hands at $0.305, having fallen by 10% in the last 21 days, as per data from CoinMarketCap

According to data from Santiment, the number of unique addresses that traded FTM between 11-18 August fell by 48%.

So far this month, daily active addresses on the network have declined by 65%. Regarding new addresses on the network, in the period under review, 18,690 new addresses were created.

However, as the price fell within that period, new addresses created on the FTM network daily also dropped.

In the last 21 days, the index of new addresses created daily has fallen by 19%. 

Source: Santiment

On a social front, FTM’s social volume and social dominance dropped by 23% and 25%, respectively, between August 11 and 18.

So far in August, these social metrics have declined by 84% and 57%. As of this press, the coin’s weighted sentiment posted a negative value of -0.932, its highest negative sentiment in the last three months.

Source: Santiment

In addition, between 11-18 August, FTM logged a decline in its count of whale transactions on the network.

In the period under review, the count for whale transactions above $100,000 dropped by 85%.

For transactions above $1 million, after rising to a high of two whale transactions on 16 August, no such whale transactions were completed on 17 and 18 August.

Source: Santiment

More tricks up its sleeves?

As of this writing, FTM’s Chaikin Money Flow (CMF) dynamic line was pegged at the central (0.0) line.

This position signals sufficient bullish pressure on an asset’s price. Therefore, an uptrend in the price of FTM could be expected. 

Source: TradingView

However, with more FTM coins taken out of exchanges than are taken in, investors should tread cautiously.

Source: Santiment

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Abiodun is a full-time journalist working with AMBCrypto. He is also a lawyer with over 2 years of experience. With a keen interest in blockchain technology and its limitless possibilities, Abiodun spends his time understanding the technology, building projects, and educating people about it.

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