Fantom investors, whale transaction count has a quirky tale for you

In its latest “Weekly Recap Week,” report, Fantom revealed that it was impacted by the bearish sentiment of the cryptocurrency market in the last week as it suffered some on-chain decline. According to the information provided, between 11-18 August, the network logged 310,000 weekly active users.

Timeline of Fantom

According to a recent report, Gnox's KYC and audit performed by Solidproof instill confidence in investors. According to the report, the company's compliance with KYC and audit requirements helps to build trust with investors and gives them a sense of security. Solidproof is a market leader in digital identity and KYC solutions.

Non-fungible token (NFT) sales managed to climb higher during the last seven days than the previous week's overall sales. This week's NFT sales managed to jump over 6.3% after recording more than $153 million in sales compared to last week's $144 million.

The ever-growing Web3 space is continuing to find supporters in the market to make sure that it prospers into the next big thing. In fact, this is one space that is driven by the likes of Fantom.

The price of Fantom (FTM) shows strength and could be set for a major run against Tether (USDT) with eyes set on $0.7.  Related Reading: Latest Report Shows Ethereum Whales Buy 312 Billion SHIB During Crypto Winter Bitcoin's (BTC) price saw a bounce from $23,000 to $24,800 as the favorable news from the consumer price Index (CPI) saw a good response across the boards in the crypto market.

The Fantom (FTM) recovery rally recently knocked out another resistance of $0.36. With the recent uncertainty in the crypto market, altcoin struggled for nearly four days to sustain above the breached resistance.

The current price of digital assets represents a great entry point for new investors, and existing investors should be leveraging current prices to bring down their average buy cost. With a change in market sentiment brewing, investors who want to profit in the next bull cycle should start buying now.

Whales are not gods or men with infinite IQ; they were once regular investors who, at some point or the other, found themselves well positioned to profit from some of their financial moves. For example, a person who bought Ethereum when it was at $300 would have seen substantial gains when the token surged past the $4000 mark.

Fantom (FTM) possesses one of the most dynamic and vibrant DeFi (decentralised finance) ecosystems within the entire crypto space. The developers of Fantom launched their incentive programme, which directly rewarded developers who built DApps (decentralised applications) on the network that met certain liquidity thresholds.

The current state of the crypto market has dealt severely with the price of many tokens and dampened the morale of investors so that the general sentiment has become one of extreme caution. Nevertheless, true traders and investors know that the fortune that comes during the bull market is usually a result of actions taken in the bear cycle.

Cryptocurrency is an entirely decentralized kind of virtual money. Today, cryptocurrencies have become an alternative investment option for investors wishing to protect themselves from stock market declines and maximize their profits.