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Whales Grab 20 Million Wrapped Fantom Tokens and 1.1 Million FTM Amid Dip-Buying: Details

Tue, 03/08/2022 - 13:06
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Tomiwabold Olajide
FTM was changing hands at $1.384, up 5.22% on the day
Whales Grab 20 Million Wrapped Fantom Tokens and 1.1 Million FTM Amid Dip-Buying: Details
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As per WhaleStats data, whales have bought 20 million wrapped Fantom tokens (WFTM) and 1.1 million Fantom tokens in recent hours. Fantom (FTM) dipped to lows of $1.31 on March 7 following negative investor concerns when Andre Cronje, the developer of Yearn.Finance and Keep3r, announced that he was calling it quits, together with fellow software architect Anton Nell. At the time of publication, FTM was changing hands at $1.384, up 5.22% on the day.

In two separate transactions recorded by WhaleStats, an FTM whale bought 20,752,988 WFTM, or $27,809,005 worth, while an ETH whale acquired 1,179,985 FTM, or $1,581,179 worth, at the current exchange rate.

Fantom Foundation addresses investors' concerns

Andre Cronje, the developer of Yearn. Finance and Keep3r, announced calling it quits together with fellow software architect Anton Nell, according to a Sunday tweet posted by the latter.

In the wake of this, the Fantom Foundation quickly addressed the community's concerns, assuring them that the exit of developers would have no negative impact on the project's growth. Cronje's contribution to crypto had been enormous, according to the foundation, but Fantom was not a "one-man team," implying that the exit of a single developer should not derail the project in any way.

Anton Nell claimed in a Sunday tweet that a total of 25 decentralized finance applications would be terminated starting from April 3. Yearn.Finance, Keep3r Network, Solidly and other protocols are among the abandoned projects.

Michael Kong, CEO of Fantom Foundation, clarified that this was misinformation: ''Many of you are aware, Anton, who works with Andre, tweeted that they were 'terminating' 25 projects. This was misunderstood. They are 'terminating' their involvement, but handing over anything they run to the existing teams.''

Simone Pomposi, CMO at Fantom Foundation, says, ''Fantom will be fine—nothing changed as the market reacted to the wrong message.''

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.