Whale’s Large Acquisition of FTM Ahead of Rebranding to Sonic Sparks Interesting Developments in Market
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Whale Accumulates 3.2 Million FTM Ahead Of Fantom’s Rebranding To Sonic
In a recent move, a crypto whale has accumulated 3.2 million FTM tokens ahead of Fantom’s rebranding to Sonic. This massive accumulation is notable, especially considering the upcoming changes in the FTM ecosystem.
According to reports, the whale withdrew 2.82 million FTM (valued at $2.2 million) from Binance, transferring the tokens to the address 0xFd5…F3f83. This is not the first time this investor has interacted with FTM – records show he traded the token three years ago.
As the rebranding to Sonic approaches, it’s interesting to note that the total balance in the address now stands at 3.2 million FTM.
The rebranding of Fantom to Sonic is a significant development for the platform, which is evolving into a high-performance Layer 1 protocol with a secure gateway to Ethereum. The upgrade and rebranding have garnered support from nearly all major cryptocurrency exchanges, including Binance.
In light of this, it’s essential to acknowledge that not all of the whale’s trades are performing well. His 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.
However, the accumulation of FTM by this large investor is undoubtedly a positive sign for the future of Sonic (formerly Fantom).
Source: nulltx.com
