Following the dramatic fall of the FTX empire, hopes for a successful “Moonvember” were dashed. A decline in Bitcoin’s value, sparked by Sam Bankman-Fried, has brought its price down to around $15,000. Many other digital currencies suffered similar losses. However, tokens used on exchanges ranked highest. Large investors dumped their holdings of FTX Token and Cronos because they saw no future in them.
The tokens used in exchanges have seen the largest price drops over the past week, according to a chart recently published by on-chain analytics platform Santiment. When FTX dropped in value, whales and sharks holding FTX Token [FTT] sold off 30.9% of their holdings. This process took place over the course of the last ten days.
$7M Raised by FTX Token DAO From Sam Bankman-Devoted Fried’s Community
As of this writing, FTT was trading at $1.61, down 8.45 percent on the day. The asset hit a weekly low of $1.25 in the last seven days.
It appears that this loss of trust occurred in other high-profile interactions involving whales and sharks. Many people were troubled by worries that Crypto.com would go bankrupt like FTX. Certain whales did not trust the platform despite Kris Marszalek’s assurances that Crypto.com had minimal exposure to the FTX collapse.
According to the data in the preceding graph, institutional investors sold off 0.4% of their Cronos [CRO] shares over the course of the last 10 days.
This is important to note as of the time of publication. Following a weekly decline of 18.78%, CRO was trading at a low of $0.07007 on Friday.
Keep your Huobi Tokens secure despite a 75% weekly loss
Even with the FTX debacle, the Huobi Token [HT] was still a bright spot among the whales. Santiment’s chart reveals that whales and sharks have increased their HT holdings by 17.7 percent over the past 10 days.
But despite this, the value of Huobi Token continued to fall. The asset dropped in value by 8.01 percent on the day, trading at $4.55. With a weekly loss of 22.50 percent, the alternative currency was one of the worst performers.
Disclaimer: This isn’t financial advice; it’s just for education. Crypted Crypto can’t guarantee its accuracy. Every investment and trade carries some risk, so always do your own research. Invest only what you can afford to lose.
READ ALSO:
Leave a Reply