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Dormant FTT Tokens See a Surge in Activity; Time to Buy?

Cryptocurrency Oct 01, 2022 06:30AM ET
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Dormant FTT Tokens See a Surge in Activity; Time to Buy?
 
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  • A couple of previously-dormant FTT tokens saw a sudden surge in intraday activity.
  • FTT’s MDIA fell by 64% between 27 and 28 September.
  • The price of FTT is currently trading at $24.12 according to CoinMarketCap.

Some previously dormant FTT tokens saw a sudden surge in activity during the intraday session on 28 September. According to data from Santiment, between 11 am – 12 pm UTC on 28 September, FTT saw its largest amount of dormant token movement of all time.

In addition, FTT’s Mean Dollar Invested Age (MDIA) fell sharply by 64% between 27 and 28 September of this year. A continued stretch in FTT’s MDIA could be an indication of stagnancy on the network.

On the other hand, the fall of FTT’s MDIA indicates that long-held tokens lying in dormant addresses are beginning to change hands, and such movement usually precipitates a rally in the price of an asset.

After the sudden movement of the dormant FTT tokens on 28 September, data from Santiment showed positive activity for some on-chain metrics.

Number of daily active addresses for FTT (Source: Santiment)

One such metric is the count for daily active addresses that traded FTT tokens, which rallied 24% to a high of 248 addresses by September 29. However, this has slowed down a bit as the number of daily active addresses on the network stood at 69 at the time of writing.

FTT’s supply on exchanges had also been on a decline since 25 September, which suggests that there is a drop in selling pressure for the asset. Following the dormant coin activity on 28 September, FTT’s supply on exchanges fell another 2% within the 24 hours that followed.

The crypto market tracking website, CoinMarketCap, shows that FTT is currently trading at $24.12 after its price dropped 0.95% over the last 24 hours. Despite this, FTT was able to strengthen against the two crypto market leaders, Bitcoin (BTC) and Ethereum (ETH), by 0.41% and 0.14% respectively.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

The post Dormant FTT Tokens See a Surge in Activity; Time to Buy? appeared first on Coin Edition.

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Dormant FTT Tokens See a Surge in Activity; Time to Buy?
 

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