Recently, an altcoin project submitted to Binance has attracted attention. As it is known, it is thought that the coins sent to the exchanges are prepared for sale. That’s why the community is worried. Here are the details of altcoins and transactions sent to Binance…
Sent to Binance from popular altcoin FTM
The Fantom Foundation, the main driving force behind the phantom ecosystem, has transferred 7.5 million FTM tokens to Binance, according to data from the last ten chains. This marks the first time the foundation has sent tokens to Binance since the LUNA/UST crash in May 2022. So why? According to experts, this transaction reflects the foundation’s willingness to enter a possible market reversal prepared. So it is not uncommon for foundations to transfer tokens at local highs, as they often try to monetize the price increase and secure profits before a market reversal occurs.
The Fantom Foundation wallet transferred 7.5M $FTM($4M) to #Binance ~20 mins ago.
The last time Fantom Foundation transferred $FTM to $Binance was during the LUNA/UST crash in May 2022.https://t.co/fDLIs3mEXq pic.twitter.com/nonowpbZRP
— Lookonchain (@lookonchain) February 20, 2023
Even, cryptocoin.com As we have reported, the Ethereum Foundation did a similar transaction in 2021. The foundation had made a profit by transferring some of the leading altcoin project to the exchanges. Despite the recent transfer of FTM tokens, the project has shown a strong price performance in the market, gaining more than 160 percent since the market-wide rise in January. This can be attributed to the project’s focus on leveraging the excitement surrounding layer-2 solutions and the overall strength of the altcoin market.
Phantom price moves sideways
However, the recent transfer of FTM tokens could be a sign that the foundation believes the price of the cryptocurrency has reached a local high and may soon experience a reversal. Therefore, according to experts, investors should be careful. It’s important to note that FTM has been in an uptrend recently and the market may be heading for a correction. It’s also worth noting that the recent token transfer may not necessarily be bearish for the project, as foundations may roll over tokens for a variety of reasons. However, the timing of the transfer indicates that the foundation is taking a cautious approach and may want to make a profit while the price of FTM is still high.
At the time of writing, Phantom’s price is down 1.08 percent, changing hands at $0.53. The cryptocurrency has moved between $0.50 and $0.55 in the last 24 hours, meaning it is trading in a fairly narrow range. As it is known, Fantom is an open source, decentralized smart contract platform for crypto assets created as an alternative to DApps and Ethereum. Phantom is trying to overcome the limitations of previous generation Blockchains. In addition, Fantom is a layer-1 Blockchain that uses a ground-breaking consensus mechanism and independent consensus layer Lachesis to facilitate DeFi and related services based on smart contracts.
