The FTX (FTT) crypto has just seen the movement of the largest dormant amount in its history.
The crypto market hasn’t been a very rosy ground for investors in 2022. The months following the onset of the new year saw most of the coins in the market shed off huge double-digit percentages of their value. The crypto winter worsened things, coupled with a global economic crisis.
For this reason, many big-money investors refrained from moving their assets after the selling window elapsed. Things seem to change, especially about coins like the FTX (FTT).
FTT is a token that was created by the FTX crypto exchange back in May 2019. Other exchanges like Huobi and Binance have also created their tokens. Apparently, someone has moved the largest ever FTT cache that has been sitting dormant for a long time.
😮 #FTXToken has just seen its largest amount of dormant token movement of all-time. On September 28th from 11am to 12pm UTC, the age consumed (amount of tokens multiplied by age those tokens sat dormant) hit over 200B. https://t.co/HdyfVjer8G pic.twitter.com/JmMy1DWzkf
— Santiment (@santimentfeed) September 29, 2022
As reported by The Crypto Basic, FTT is of the coins with huge potential to generate wealth for investors. The fact that a big FTT whale is now active could be a huge sign indicating the future of the token. As is the norm, something is always up whenever dormant caches of any token start moving around. The owner may be positioning themselves in the market in anticipation of a price surge, or they could be planning to transfer to exchanges and execute sale orders. Either way, any transactions involving huge amounts of FTT are bound to affect its market dynamics somehow.
According to a report by Santiment, the movement occurred between 11 am and 12 pm UTC on 28th September 2022. The age consumed a total of the token value is estimated at around 200 Billion. This figure is derived by multiplying the number of tokens in question with the period they have been dormant.
The FTX (FTT) Market Outlook
From the look of things, FTT seems to be holding stable in the market. The coin is at position 24 in the crypto charts and trades at around $24.35 at the moment. FTT has recorded a 1.53% price increase over the last 24 hours. As far as the huge movement is concerned, it remains to be seen how the token market will be affected. This impact could be felt over the coming days or weeks.