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FTX exchange’s altcoin project, FTT, has seen a surge in network activity over the past few days after CEO Sam Bankman-Fried was revealed to be openly complying with regulations.

FTT whales buy FTX in bulk

Cryptocoin. com, on September 20, subsidiaries of cryptocurrency exchange FTX in Gibraltar and the Bahamas were licensed to operate within the regulatory frameworks of both countries. FTX CEO Sam Bankman-Fried said the company is “committed to maintaining a close working relationship with local regulators” to foster the growth of cryptocurrencies worldwide.

FTX’s token FTT has seen a significant spike in network activity following the regulatory green light. Big investors are allegedly rushing to add more FTTs to their portfolios. Santiment’s distribution chart for coin holders shows that buying pressure behind FTT has increased significantly over the past three days.

The behavioral analysis firm has recorded a significant increase in the number of addresses with millions of dollars worth of FTT, known as “whales.” The number of addresses holding 10,000 to 1,000,000 FTT has increased sharply. About 36 new whales have joined the ranks of those with the most FTTs, representing a 30 percent increase in a relatively short period of time.

Padollarization also occurred in other critical metrics for altcoin

The recent increase in the number of large investors may seem insignificant at first glance. Still, a spike in buying pressure could translate into millions of dollars, given that the average whale has an FTT of between $560,000 and $56 million, according to analyst Ali Martinez.

Similarly, the number of active FTT addresses has also increased exponentially in the last few days. About 1,440 addresses have interacted with FTT tokens in the last 24 hours, representing an increase of 172 percent since Sept. Such a sudden increase in the number of Active wallets can be seen as a positive sign as it has caused prices to rise in the past.

The bullish thesis is further supported by network growth skyrocketing to an all-time high. This on-chain metric is generally considered one of the most accurate price predictors. In general, Ali Martinez points out that the constant increase in the number of new addresses transferring a particular token for the first time is causing the price to rise.

The above three on-chain metrics suggest that FTT may be ready to continue its uptrend in the next few weeks, according to Analyst Ali Martinez. The analyst says that although prices have dropped 44 percent since Sept.


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Michael Lewis

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