This Token Became ‘The Top Traded Coin Amongst ETH Investors’ After An Ether Whale Splurged On It

This Saturday, the 105th-ranked Ether whale spent over half a billion dollars to buy up on the native asset of an international crypto derivatives exchange. According to the transaction details from the whale-surveilling platform WhaleStats, more than $637 million 15,720,427 FTX tokens were bought in a singular transaction on 29th January.

About FTX

FTX Token (FTT) is the utility token of the FTX ecosystem,which is a cryptocurrency derivatives trading platform for futures, leveraged tokens and over-the-counter trading, as per DailyHODL. Often described as the “backbone” of the FTX exchange, this digital currency allows you enjoy lower trading fees and access a slew of perks on the FTX exchange.

It should be noted that “FTX token” is occassionaly used interchangeably with the term “FTT” by the crypto community.

Impact Made

The large amounts of value exchanged within this transaction shot FTT straight to the top spot, the top spot among the top 10 most purchased tokens across the largest 1,000 Ethereum wallets in the last 24 hours (on 29 January), that is. This is because its average purchase amount boasted a whopping $637,149 on the day of.

FTT presently secures the third spot on this list (when taking the last 7 days into consideration), placing just below USDC and Ethereum, which hail average purchase amounts of $1,457,489 and $1,390,565 respectively.

Sourced from WhaleStats

FTT is now the token with the largest aggregate US dollar value (after Ether), among the top 1,000 ETH addresses, overtaking popular pupcoin Shiba Inu (SHIB). Until this morning, the largest Ethereum whales collectively held $1.49 billion worth of FTX Tokens, the DailyHODL reports. Meanwhile, the same group of investors holds a total of $1.17 billion worth of SHIB.

Stablecoins like USD Coin (USDC) and Tether, USDT, as well as OKB – the utility coin of the crypto exchange platform OKEx – are currently the cryptocurrencies held in lagre quantities by crypto whales, barring FTX.

Sourced from WhaleStats

Click here to read: Cardano Launches On ADAX’s Decentralised Exchange.

Sneh Dokania is an Economics major student with an inquisitive disposition seeking to articulate facts, information and news stories in a candid manner on Clout News.

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