Phantom (FTM) continued its upward momentum on Nov. 30 amid reports that the Phantom Foundation has generated consistent profits and has had a 30-year runway without selling any FTM tokens.
Fantom FTM ownership increased from 3% to 14%
FTM price rose nearly 13.5% to reach $0.24, a three-week high. The rise came as part of a broader rebound in his trend that began on Nov. 22 when he bottomed out around $0.17. This equates to a 50% price rebound in the last 8 days.
Interestingly, Fantom Foundation “architect” Andre Cronje released the company’s financial records on November 28, stating that it has $340 million worth of digital assets and earns over $10 million annually. The uptick picked up momentum after revealing that especially:
November 2022 — Over 450 million FTMs, $100+ million in stables, $100+ million in crypto, $50 million in non-crypto. Salary burn rate $7,000,000/year. 30 more years (without touching FTM)
Certain crypto and blockchain projects suffer because they can be exposed to failed companies.
For example, the collapse of the FTX crypto exchange caused significant price drops for project tokens such as Solana (SOL) and its related Serum (SRM). FTX and its sister company Alameda Research have been major supporters of the Solana ecosystem.
In February 2021, Alameda purchased $35 million worth of FTM tokens to become a validator on the Fantom blockchain. This exposure may have been a major factor in his FTM’s downturn in early November, when prices fell by as much as 35%.
Cronje downplayed his relationship with FTX/Alameda, explaining that being a validator does not make him part of the foundation.
“Unlike most of our competitors, the Foundation owns a relatively small amount of FTM,” he wrote, adding:
“Most comparable L1s own between 50% and 80% of the token supply. At launch, Fantom owned less than 3%. Now we own over 14%. We prefer to buy tokens and do not “sell” them. for a “partnership”.
Cronje also revealed that Fantom has taken over further cooperation with Alameda in January 2022.
FTM whales and fish congregate
Fantom’s on-chain data reveals that over 1 million FTM holding addresses were distributing tokens during the FTX-driven crypto market downturn.
Meanwhile, FTM’s supply of Fantom tokens held by addresses between 1 million and 1 million increased in November, showing strong accumulation among the network’s richest (whale) and poorest (fish) investors. was given.
In other words, these investors expect FTM to see a strong price recovery in the future.
RELATED: Learn from FTX and Stop Investing in Speculation
The technicals provide some support for the bullish outlook. We now see FTM price rising nearly 20% towards $0.30. This is in line with the Token’s dominant descending channel upper trendline and its 50-3D Exponential Moving Average (50-3D EMA; red wave) as shown below.
Conversely, testing $0.30 as resistance will see the FTM head towards the descending trendline of the descending channel near $0.16, which is also acting as support for July 2021, or a 30% price drop from today’s levels. You may see a strong pullback.
This article does not contain investment advice or recommendations. All investment and trading moves involve risk and readers should conduct their own research when making decisions.
FTM price recovers by 50% as Fantom reveals 30-year runway (no need to sell tokens)
Source link FTM price recovers by 50% as Fantom reveals 30-year runway (no need to sell tokens)