The world’s fourth-largest Ethereum whale has recently snatched up a number of FTT altcoins. According to WhaleStats, a blockchain-transaction tracker, the unnamed wallet received 14 million FTT tokens. At the time the tracker noted the transactions, the tokens were worth $581.4 million.
The unnamed wallet is presently ranked number four on the WhaleStats list of top 1000 Ethereum wallets. However, the ranking of these wallets is exclusive of the ETH crypto coin. Currently, the Ethereum whale holds FTT worth more than $1.2 billion. In total, the wallet’s total value exceeds $3.8 billion, earning it the whale title.
There has been increased interest in the FTT token. One of the individuals that have shown interest in the altcoin is a popular crypto analyst known as Smart Contracter.
The analyst tweeted that there are encouraging signs of future price action. He based this speculation on the Fibonacci ABC spacing between the sharp lows and highs on FTT’s historical chart.
Understanding the FTT Token
FTT is an altcoin that serves as the native coin on the FTX ecosystem. The FTX is a cryptocurrency derivatives exchange platform where users can leverage tokens, access futures and carry OTC trading.
Traders that use the FTX exchange get to utilize the platform to earn discounts on trading fees. Consequentially, traders get to enjoy tighter OTC spreads on top of lower FTX futures’ trading.
The token’s designers the FTX token to increase its demand and additionally the network effects. How? Users can use the token as collateral for future positions. Apart from increasing the token’s demand, this also increases its utility. As the FTX exchange adds more derivative products to its ecosystem, the token’s utility will increase.
Where can I purchase the FTT token? Firstly, you can purchase the FTX token at an exchange such as FTX or Binance. Secondly, you can purchase via an OTC such as Genesis Block HK. The token can lastly buy at a crypto ATM like CoinHere. Once you have purchased the token, storing it is pretty easy since various digital and hard wallets accept it.
More on the FTX Exchange
2021 Q4 has been an eventful one for the FTX exchange. In October, the FTX exchange took major steps to ensure its token expands its roots into the mainstream.
FTX purchased advertising airtime for the 2022 February Super Bowl. This will, consequently, see the token garner much more recognition since the event has an approximate US audience of 111 million viewers.
Additionally, last month, FTX partnered with Lightspeed Venture and Solana Ventures to launch a $100 million gaming fund. The proceedings from the gaming fund will go toward funding Web 3 gaming.
Just last week, FTX announced the launching of a marketplace for ETH-based NFTs. This announcement of the entry into the NFT marketplace came 2 months after the company launched its Solana-based NFT platform.
At the time of writing, the FTX token is trading at $43.29, a 0.35% increase within 24 hours, according to CoinMarketCap.
