Phantom (FTM) saw a noticeable movement in the market towards the end of the year, as a whale transferred a huge amount of Phantom tokens to Binance.
Deposit details:
According to a crypto analyst known as Data Nerd, the whale deposited 10 million FTM tokens worth $8.17 million to Binance. The data suggests that the investor had raised 23.45 million Fantome tokens two years ago at an average price of $0.618.
This transfer could indicate the whale’s intention to sell the tokens, use them in decentralized finance (DeFi) markets, or hold them until the rebranding process is complete. If the 10 million tokens were sold today, the whale would make a profit of up to $2 million.
Rename Phantom to "Sonic":
Binance announced in a report dated December 24, 2024 that Phantom will change its brand name to “Sonic(S)” in January 2025.
Phantom deposits and withdrawals will be stopped and trading pairs such as FTM/USDT and FTM/BTC will be removed on January 13 at 3:30 AM UTC.
After the rebranding is complete, trading for new pairs such as S/USDT and S/ETH will begin on January 16 at 8:00 AM UTC.
The report confirmed that the exchange process between FTM and Sonic will be done at a ratio of 1:1 without any material impact on the price.
Phantom Price Performance:
Current price: $0.7931, down 6.9% from yesterday.
Weekly Performance: Down 17.80%, showing poor performance compared to the global digital market.
Trading volume: decreased by 3.40% to $356.619 million.
Expectations:
FTM token inflows to exchanges have been increasing, reflecting a bearish sentiment from long-term investors. However, this trend could be seen as an ideal buying opportunity for new investors.
summary:
The rebranding of Phantom to Sonic and the large whale deposit indicate major changes that could impact the token price in the short term. However, the stability of the exchange ratio (1:1) could reduce the risk for investors.
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