• Three On-Chain Metrics Indicate a Breakout in FTX Price

  • Over the last three days, about 36 whales have joined the FTT network. In addition, FTT tokens are now being used by over 1,400 addresses on a daily basis. Prices may soon catch up to the network’s exponential growth.

    The FTX exchange token FTT has seen an increase in network activity over the last few days after CEO Sam Bankman-Fried stated that he welcomes regulation.

    Buy FTT Whales in Bulk

    On September 20, subsidiaries of the cryptocurrency exchange FTX were granted licenses to operate within the regulatory frameworks of Gibraltar and the Bahamas. FTX CEO Sam Bankman-Fried stated that the company is “dedicated to maintaining a close working relationship with local regulators” in order to promote the global adoption of cryptocurrencies.

    Following the regulatory approval, FTT, FTX’s token, saw a significant increase in network activity. Large investors appear to have rushed to add more FTT to their portfolios.

    The holder distribution chart from Santiment shows that buying pressure behind FTT has increased dramatically in the last three days. The number of addresses holding millions of dollars in FTT, also known as “whales,” increased significantly, according to the behavioral analytics firm.

    The number of addresses with 10,000 to 1,000,000 FTT has increased dramatically. In a relatively short period, 36 new whales have joined the ranks of the top FTT holders, representing a 30 percent increase.

    At first glance, the recent increase in the number of large investors may appear insignificant. Even so, with the average whale holding between $560,000 and $56 million in FTT, a sudden increase in buying pressure can result in millions of dollars.

    The network’s activity is exploding.

    Similarly, in the last few days, the number of active FTT addresses has increased dramatically. Over the last 24 hours, 1,440 addresses have interacted with FTT tokens, representing a 172 percent increase since September 19.

    A sudden increase in the number of active wallets can be viewed as a positive sign, as it has previously resulted in price increases.

    The bullish thesis is supported further by network growth, which has reached a new all-time high.

    This on-chain metric is widely regarded as one of the most reliable price predictors. In general, rising prices are caused by a steady increase in the number of new addresses that transfer a given token for the first time.

    These three on-chain metrics indicate that FTT is likely to resume its upward trend in the coming weeks. Despite a 44 percent drop in prices since September 9, rising network activity points to a v-shaped recovery toward new all-time highs.

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