Fantom’s native $FTM token has posted a more than 10% price gain in the past 24 hours despite increased selling activity on centralized exchanges by whales.

$FTM and the $1 mark

$FTM, the native crypto asset of the fantom, a layer-1 blockchain network for decentralized finance (DeFi), dApps, and enterprise solutions, has posted decent gains in the past 24 hours despite huge profit-taking by whales and sharks.

🦈🐳👋 #Fantom's shark and whale addresses have dumped heavily during this 2023 rise. Addresses holding 10K to 100M $FTM dropped $259.7M worth of coins in the past 4 weeks. These coins have largely been scooped up by micro addresses holding 0.01 to 1 $FTM. https://t.co/JNzdDTgjAg pic.twitter.com/2BUoysNH65

— Santiment (@santimentfeed) February 15, 2023

According to crypto analyst Ali Martinex, more than 8 million FTM tokens were dumped on centralized exchanges on Valentine’s day, increasing the token supply by 7.04 million $FTM on these platforms. 

#Fantom shows some intriguing network activity! 🧐On-chain data shows a significant spike in idle $FTM tokens exchanging hands. This coincided with a spike of 8.83 million #FTM tokens flowing into #crypto exchanges and a 7.04 million $FTM increase in supply on exchanges. pic.twitter.com/LdKVFfsmG4

— Ali (@ali_charts) February 14, 2023

Per data available on Coingecko, the price of $FTM has witnessed a 10.6% increase in the past 24 hours, exchanging hands for $0.519213, with a trading volume of $728,951,739. However, on the longer time frame, $FTM is down by 11.4% in the past seven days, but it still maintains a decent 59.3% gain in the 30-day timeframe.

Fantom price chart. Source: Coingecko

While the bear market has taken its toll on the price of FTM, given that the token is down by nearly 85% since its all-time high of $3.46 in Oct. 2021, data shows that early investors who purchased the token around March 2020 are still on a 27,204.35% profit.