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Whale Accumulates 3.2 Million FTM Ahead Of Fantom’s Rebranding To Sonic
A recent surge in activity has caught the attention of the cryptocurrency community, as a crypto whale has been seen accumulating large amounts of Fantom (FTM) ahead of its rebranding to Sonic.
According to reports, the mysterious investor withdrew an impressive 2.82 million FTM tokens from Binance, valued at approximately $2.2 million. This is not the first time this individual has interacted with FTM, as records show they traded the token three years ago. The whale’s current balance in the address stands at a staggering 3.2 million FTM.
The significant accumulation of FTM ahead of its rebranding to Sonic has raised questions about the investor’s intentions. Some speculate that this could be a sign of confidence in the new protocol, which is designed to handle over 10,000 transactions per second and provide a secure gateway to Ethereum.
However, not all of the whale’s trades are performing well. A position in 13,453 WETH, bought at an average price of $3,506 on December 20, has incurred a significant unrealized loss of $1.2 million.
In related news, 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.
The rebranding of Fantom to Sonic aims to mark a new phase for the platform, evolving into a high-performance Layer 1 protocol with enhanced features.
Source: nulltx.com
