Whale’s FTM Accumulation Ahead of Fantom Rebranding Raises Questions About Market Sentiment

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

A significant cryptocurrency whale has recently made a substantial accumulation move, withdrawing an impressive 2.82 million FTM (valued at $2.2 million) from Binance and transferring the tokens to address 0xFd5…F3f83. This is not the first time this investor has interacted with FTM, as records show he traded the token three years ago.

The transaction highlights a growing interest in Fantom (FTM), which is set to undergo a significant transformation by rebranding to Sonic. As part of this upgrade and rebranding, major cryptocurrency exchanges, including Binance, have announced their support for the transition.

Notably, FTM’s upcoming rebranding will see it evolve 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. This significant upgrade aims to position Sonic as a leading player in the Layer 1 blockchain space, leveraging its rebranding to attract new users and expand its ecosystem.

In related news, Binance has announced that it will delist all current FTM spot trading pairs on January 13th at 03:00 UTC. This move is expected to coincide with the token swap, after which pending $FTM spot orders will be canceled. The exchange will then launch new trading pairs for Sonic, including S/BTC, S/BNB, S/ETH, S/EUR, S/FDUSD, S/TRY, S/USDC, and S/USDT on January 16th at 08:00 UTC.

The significant accumulation by the whale could be indicative of a growing bullish sentiment around FTM/Sonic ahead of its rebranding. However, it is essential for investors to conduct their own research before making any investment decisions.

Source: nulltx.com