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Fantom (FTM) Hit By Bearish Sentiment Despite Logging Over 300,000 Active Users
Fantom network was able to log more than 300,000 active weekly users, 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 a 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 penned last week.
According to CoinMarketCap, FTM has dropped by 4.71% or is trading at $0.2911 as of this writing.
The number of unique wallet addresses 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 the 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 Fantom
The social metrics of FTM have been down. In fact, from August 11 to 8, the social dominance and volume of FTM lost steam by 25% and 23%; respectively.
As of press time, the above-mentioned social metrics have 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 went over $100,000.
For transactions that shoot above $1 million, after peaking at 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 at 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
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