Binance, the largest cryptocurrency exchange with daily trading volume, came to the fore with a large amount of coin transfer from the team of a popular altcoin project. The Phantom (FTM) team transferred 22 million tokens to Binance. Here are the details…
Large amount of altcoins sent to Binance
On April 2, on-chain data analyst Ember reported that the Fantom Foundation transferred a total of 22 million FTM tokens to Binance last month. Transfers were made via Fantom chain wallet 0xA0d. The foundation then withdrew 12.5 million FTM tokens from the Ethereum chain via the 0xb5c wallet. As a result, 9.5 million FTM tokens were transferred net to Binance. The transfer of such a large number of FTM tokens caused suspicion in the cryptocurrency community. Many speculate about the reasons behind the move.
Some believe the foundation may be preparing for a big announcement or partnership, while others believe the tokens may have been sold to raise money. cryptocoin.com As we have also reported, Fantom is a Blockchain platform that aims to provide fast, secure and decentralized solutions to complex problems. Its native token FTM is used to pay for transactions on the Fantom network and to provide liquidity on decentralized exchanges. The foundation actively promotes the use of its platform. It has recently announced several partnerships and collaborations.
Binance, on the other hand, is one of the largest cryptocurrency exchanges in the world, with a daily trading volume of more than $ 10 billion. It supports the trading of hundreds of cryptocurrencies. It also offers many services, including spot trading, margin trading, and futures trading. According to some, the transfer of 22 million FTM tokens to Binance can be seen as a move to increase liquidity and trading volume for the token. The withdrawal of 12.5 million FTM tokens from the Ethereum chain could also be seen as a move to consolidate the foundation’s assets and increase its control over the token’s supply.
FTM price remains flat
The cryptocurrency market is highly volatile and the value of tokens can fluctuate rapidly in response to market conditions and news events. The transfer of such a large number of FTM tokens to Binance could have a significant impact on the token price, and many traders and investors will be watching the market closely to see how it will react.
In response to the news, the price of FTM remained relatively stable with only a slight increase in trading volume on Binance. The cryptocurrency is changing hands at $0.46 with an increase of 0.64%. It fluctuated between $0.45 and $0.47 throughout the day. However, it is too early to tell how the market will react in the coming days and weeks.
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