The most recent Fantom Weekly Recap demonstrated that the alternative FTM cryptocurrency was impacted negatively by the bearish cues within the cryptocurrency market during the course of the previous week, which resulted in on-chain plunges. Between August 11 and August 18, according to the data, the network had an average of 310 thousand active users every week.
That was a decrease of 4% compared to the previous week’s total of 325K. Furthermore, between the 11th and the 18th of August, the network processed an average of 44,300 transactions every day. Consequently, a decrease of 4% from the previous week’s total of 46,400.
In addition, between the 11th and 17th of August, there was a 0.11% decrease in the daily transaction average measure. This resulted in a decrease from the previous week’s total of 876K to the most recent week’s total of 846,000.
Hold On, There’s Even More!
During the period under consideration, FTM’s price dropped from $0.37 to $0.33, representing a 10% loss. The alternative currency was trading at $0.305 while I was writing this post, reflecting a decline of nearly 11% over the course of the previous 21 days (Coinmarketcap data). In the meantime, the statistics provided by Santiment reveal a decrease of 48% in the number of unique addresses that interacted with FTM.
The number of daily active wallets on the network has dropped by 65% so far in the month of August. During the period under consideration, there were a total of 18,690 new addresses added to the platform. Despite this, at the time of the price drop, there was a marked decrease in the number of new wallets joining the Fantom platform. Over the course of the previous 21 days, the statistic for new addresses signing up on the network decreased by 19%.
During the same time period, Fantom’s social dominance and social volume both saw significant drops of 25% and 23%, respectively, between August 11 and August 18. The social indexes have seen a drop of 57% and 84% respectively so far this month. At the time that this post was being published, the asset’s weighted sentiment revealed a negative number, and it was the number with the largest negative value in the preceding three months (-0.932).
In addition, FTM saw a decrease in the number of whale transactions between August 11 and August 18. During the period under consideration, there was an 85% decrease in the number of whale transactions worth more than $100,000. On the other hand, the number of transactions involving more than one million dollars fell to zero on August 17 and 18, after having reached two on August 16.
Has it Got Any More Up its Sleeves?
At the time this piece was written, the dynamic CMF (Chaikin Money Flow) line in Fantom was located smack dab in the middle of the range (0.0). There’s enough upward price pressure on a token to warrant buying at that point. As a result, buyers of FTM should anticipate price increases. Despite this, investors should exercise extreme caution because more Fantom assets are being removed from exchanges than added.