【coinbase custody】Whale Deposit $8.17 Million in FTM Tokens to Binance amid Fantom Rebranding to Sonic

As the year nears to close,coinbase custody Fantom (FTM) draws attention from market participants following a whale who transferred huge amounts of Fantom tokens to Binance today.

A crypto on-chain analyst, popularly known as the Data Nerd, spotted the development and shared it on the X platform. However, such an activity is significant as it could cause bears on the Fantom’s price.

Whale deposits massive amounts of FTM

According to data from the crypto analyst, the whale deposited 10 million FTM tokens worth $8.17 million to Binance today. Metrics analysis indicated that the trader accumulated a sum of 23.45 million Fantom tokens two years ago at an average price of $0.618.

Such transfer signals that the trader intends to sell them or wants to use them in the DeFi markets. In certain cases, he perhaps may want to hold and use it after the Fantom rebranding is complete. Data shows that if he were to sell the 10 million FTM tokens today, he would have earned a profit of $2 million.

2 hours ago, a whale 0x8be deposited 10M $FTM (~$8.17M) to #Binance.

2 years ago, 23.45M $FTM were accumulated at avg entry $0.618.

Not sure whether he sell or wait for rebrand???

If selling, he will have realized profit ~$2M.

Address:https://t.co/Z2pXVqIYbj pic.twitter.com/W2w8atexG1

— The Data Nerd (@OnchainDataNerd) December 28, 2024