Santiment: Whales Are Buying LINK, FTM Tumbles After Cronje Departure News
According to a leading crypto market analytics firm, Santiment, two prominent altcoins, Chainlink (LINK) and Fantom (FTM) are going to very different directions.
Chainlink (LINK)
Chainlink is a blockchain abstraction layer that enables universally connected smart contracts. Through a decentralized oracle network, Chainlink allows blockchains to securely interact with external data feeds, events and payment methods, providing the critical off-chain information needed by complex smart contracts to become the dominant form of digital agreement.
According to Santiment Chainlink whales have been steadily increased their holdings to the native token LINK – in just 2 weeks accumulating 17.1 million LINK tokens worth over $226 million.
“Chainlink’s key whale addresses that hold between 10K to 10M LINK have accumulated 17.1 million since February 27th. This rise in their collective holdings is encouraging, considering these address holdings correlate with rises & falls against BTC.”
🐳🔗 #Chainlink's key whale addresses that hold between 10k to 10m $LINK have been accumulated 17.1m since February 27th. This rise in their collective holdings is encouraging, considering these address holdings correlate with rises & falls against $BTC. https://t.co/WOlLxVDoJJpic.twitter.com/Co6IvV2z1R
At the time of writing LINK trades at $13.22, up 0.92% on the daily time frame.
Fantom (FTM)
Fantom is a directed acyclic graph (DAG) smart contract platform providing decentralized finance (DeFi) services to developers using its own bespoke consensus algorithm. It aims to solve problems associated with smart-contract platforms, specifically transaction speed, which developers say they have reduced to under two seconds.
According to Santiment the trajectory of the smart contract-enabled blockchain’s native token has “changed dramatically overnight,” mainly due to the well-known DeFi developer Andre Cronje stepping away from Fantom where he was a technical advisor.
Also several projects in which Cronje participated in such as Yearn Finance (YFI) and Keep3r Network (KP3R), are no longer supported.
“With Andre Cronje departing from Fantom, FTM’s trajectory has of course changed dramatically overnight. Additionally, YFI, KP3R, and roughly 25 projects are no longer supported.”
The news of Cronje leaving Fantom and crypto space sent FTM crashing. FTM is down by 35% on a weekly frame, and trades at the time of writing at $1.20.
