Whale Manipulation Suspected as FTM Records a Remarkable 30% Surge
Fantom (FTM) has experienced significant gains in the past day, reaching its highest price in 22 months.
FTM has surged by 30.7% in the last 24 hours and is currently trading at $0.67. The cryptocurrency’s market cap has also risen to $1.87 billion, making it the 59th largest cryptocurrency in the market.
The bullish momentum has led Fantom to briefly touch the $0.73 mark, which was last seen in May 2022, at around 01:30 UTC on March 4.
Data from Santiment shows that FTM’s total open interest (OI) has increased by 183% in the past 30 days. In the last 24 hours alone, FTM’s total OI has surged by $48 million, rising from $107.5 million to $155.6 million.
Traders are predicting further price increases for FTM, as the market remains in extremely greedy conditions. Santiment’s data reveals that FTM’s Binance funding rate currently stands at around 0.05%, indicating that long-position holders slightly outnumber short-position traders.
Meanwhile, Fantom’s Relative Strength Index (RSI) has been consistently rising since February 29. At the time of reporting, the FTM RSI is at 85.
The heightened RSI suggests that Fantom is experiencing high volatility and a price cooldown can be expected. The RSI indicator also increases due to increased activity from large investors, known as whales.
Notably, over 63% of FTM’s circulating supply is currently locked in four whale addresses. Additionally, the number of whales holding between 1 million and 10 million FTM tokens has increased by 0.8% in the last 24 hours. According to Santiment data, these whales currently hold 10.24% of FTM’s circulating supply.
