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7.5 Million FTM Moved on Binance, Entity and Timing Behind This Transfer Will Surprise You

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Mon, 20/02/2023 - 8:26
7.5 Million FTM Moved on Binance, Entity and Timing Behind This Transfer Will Surprise You
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The Fantom Foundation, which is the main driving force behind the Fantom ecosystem, has transferred 7.5 million FTM tokens to Binance, according to recent on-chain data. This is the first time since the LUNA/UST crash in May 2022 that the foundation has transferred tokens to Binance, which could be a signal that the foundation is looking to take profits ahead of a potential market reversal.

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It is not uncommon for foundations to transfer tokens at local highs, as they seek to cash in on the price appreciation and secure profits before a reversal in the market occurs. This is similar to what was seen with Ethereum and the Ethereum Foundation in 2021.

Despite the recent transfer of FTM tokens, the project has shown a strong price performance on the market, having gained more than 160% since the beginning of the market-wide reversal in January. This can be attributed to the project's focus on capitalizing on the hype surrounding Layer-2 solutions and the overall strength of the altcoin market.

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However, investors should be cautious as the recent transfer of FTM tokens may be a sign that the foundation believes the cryptocurrency's price has reached a local high and may soon experience a reversal. It is important to note that FTM has been on a bullish run recently, and the market may be due for a correction.

It is also worth mentioning that the recent transfer of tokens may not necessarily indicate a bearish outlook for the project, as foundations may transfer tokens for various reasons. However, the timing of the transfer suggests that the foundation is taking a cautious approach and may be looking to secure profits while the price of FTM is still high.

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