Market Update: Large Investor Amasses Significant FTM Holdings Ahead of Fantom’s Rebranding

Whale Accumulates 3.2 Million FTM Ahead Of Fantom’s Rebranding To Sonic

A significant development has taken place in the cryptocurrency market, with a large investor, commonly referred to as a whale, accumulating an enormous amount of FTM tokens ahead of Fantom’s rebranding to Sonic.

According to recent transactions, the unknown entity withdrew 2.82 million FTM (valued at $2.2 million) from Binance and transferred it to the address 0xFd5…F3f83. This significant move is not the first interaction this investor has had with FTM, as records indicate that they traded the token three years ago.

As of now, the total balance in the address stands at an astonishing 3.2 million FTM.

The development comes ahead of Fantom’s impending rebranding to Sonic. The upcoming upgrade and rebranding have garnered significant support from major cryptocurrency exchanges, including Binance. This shift aims to mark a new phase for the platform, evolving it into a high-performance Layer 1 protocol with a secure gateway to Ethereum.

Sonic is designed to handle over 10,000 transactions per second, backed by a robust incentive program. Binance has announced its support for the transition, including a token swap and delisting of all current $FTM spot trading pairs. The delisting will occur on January 13th at 03:00 UTC, with all pending $FTM spot orders canceled.

On January 16th at 08:00 UTC, Binance will launch new trading pairs for $Sonic, including S/BTC, S/BNB, S/ETH, S/EUR, S/FDUSD, S/TRY, S/USDC, and S/USDT.

It is worth noting that the rebranding aims to establish Sonic as a leading player in the Layer 1 blockchain space by leveraging its rebranding to attract new users and expand its ecosystem.

Source: nulltx.com