Dormant FTT Tokens See Increased Activity; Time to buy? By CoinEdition

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Dormant FTT Tokens See Increased Activity; Time to buy?

  • A few previously inactive FTT tokens saw a sudden surge in intraday activity.
  • FTT’s MDIA fell 64% between September 27 and September 28.
  • The price of FTT is currently trading at $24.12 according to CoinMarketCap.

Some previously inactive FTT tokens saw a sudden increase in activity during the September 28 intraday session. According to data from Santiment, between 11 a.m. and 12 p.m. UTC on September 28, FTT experienced its highest number of dormant token movements ever.

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

On the other hand, the fall in FTT’s MDIA indicates that tokens held for a long time in dormant addresses are starting to change hands, and such a move usually precipitates a rise in the price of an asset.

After the sudden movement of dormant FTT tokens on September 28, 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 number of daily active addresses that traded FTT tokens, which increased 24% to a high of 248 addresses as of 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 was also down since September 25, suggesting that there is easing selling pressure for the asset. Following dormant coin activity on September 28, FTT’s supply on exchanges fell another 2% in the next 24 hours.

Crypto market monitoring website CoinMarketCap shows that FTT is currently trading at $24.12 after its price fell 0.95% in the past 24 hours. Despite this, FTT was able to strengthen against the two crypto market leaders, (BTC) and (ETH), by 0.41% and 0.14% respectively.

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

Dormant FTT Tokens See Increased Activity; Time to buy? appeared first on Coin Edition.

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