Fantom (FTM) Hit By Bearish Sentiment Despite Logging Over 300,000 Active Users

Christian Encila

Last Updated: August 22, 2022 12:56 pm

3 mins read

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Fantom network was able to log more than 300,000 active weekly users which is a 4% decrease from the 325,000 users tracked the past week.

Fantom treads the bearish route as negatively impacted by the crash of the crypto market
FTM social metrics down
Fantom records over 300,000 active weekly users

The bears are definitely lobbying on Fantom (FTM) as the coin endures massive decline. Fantom admits that they have been severed by the bearish impact of the crypto market triggering a plunge.

More so, average daily transactions on Fantom from August 11 to 18 accumulated to roughly 44,300.

Fantom Goes Bearish, Sheds 4.71%

Additionally, Fantom network transactions from August 11 to 17 also dropped by 0.11% or a decline from 847,000 the other week to 846,000 that was penned last week.

According to CoinMarketCap, FTM has dropped by 4.71% or trading at $0.2911 as of this writing.

The number of unique wallet addresses that actively traded on Fantom from August 11 to 18 also declined by 48%.

Notably, this month, the daily active wallet addresses on FTM have dropped by 65%. Around 18,690 new wallet addresses were spawned based on the new wallet addresses verified on the network.

But, as FTM price dropped in that given period, the number of new unique wallet addresses created on Fantom also plummeted.

In almost a month, a dip of 19% was observed in the index of new wallet addresses. It seems that everything cascaded down creating a domino effect of sorts.

Social Metrics Down For FTM

Social metrics of FTM has been down. In fact, from August 11 to 8, the social dominance and volume of FTM has lost steam by 25% and 23%; respectively.

As of press time, the abovementioned social metrics has declined by 57% and 84% this month.

FTM has the highest negative sentiment recorded this August at -0.932, the highest registered in the past three months.

Chart from TradingView.com

From August 11 to 18, FTM suffered a decline of 85% for whale transactions that go over $100,000.

For transactions that shoot above $1 million, after peaking two whale transactions on August 16, nothing close to that was accomplished from August 17 to 18.

The CMF dynamic line of FTM was spotted at the central line which hints a bullish activity on FTM price. Hence, an uptrend is apparent.

On the other hand, with a bulk of FTM coins shoveled out of crypto exchanges that received, investors must proceed with caution.

Crypto total market cap at $992 billion on the daily chart | Source: TradingView.com

Featured image from Securities.io, Chart from TradingView.com

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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