According to the latest on-chain report, the key driving force behind the Fantom environment, the Fantom foundation, has allegedly moved more than seven million FTM assets to the crypto exchange platform, Binance.
This activity is the first to be witnessed since the Terra Luna collapsed in May of the previous year when the foundation moved assets to Binance. This move might indicate that the foundation seeks to benefit ahead of a market reversal.
It is popular for foundations to move assets at local highs as they look to impound on the value appreciation and safeguard benefits before a market reversal happens. This action is similar to what was witnessed with ETH and the ETH foundation in 2021.
Regardless of the latest move of the FTM assets, the initiative has indicated a tight value presentation on the markets, having accumulated more than one hundred and sixty percent since the start of the market reversal at the beginning of this year. This action results from the initiative’s focus on investing in the hype around the layer-2 resolutions and the entire virtual crypto asset market performance.
In addition, traders and investors must be cautious as the latest move of assets does not necessarily indicate that the foundation hopes the virtual digital assets have arrived at a local high and might soon experience a reversal. On the other hand, FTM has been on a bullish rally, and the markets might be due for a change.
The latest move of assets may mean something other than a bearish performance of the initiative, as foundations may move assets for many reasons. However, the timing of the move indicates that the foundation is making a cautious venture and might be seeking to safeguard benefits while the value of FTM remains high.
Solana’s Appreciation Due to this New Move
According to reports from CoinMarketCap, Solana is commencing this week on a very bullish note, with its value up by almost thirteen percent to 26.61 dollars. According to its latest value action, the token is now up by over twenty-six percent over the past week, doubling its position as one of the best-performing layer-1 networks in 2023.
The increase in the value of Solana over the seven days can result from positive investor and trader opinions following the latest revelation that Helium protocol is strategizing a move to Solana. Solana affirmed the report earlier in the day, announcing that the move will be finalized by the end of April this year.
Based on this protocol, the Helium network will assist in onboarding almost one million hotspots globally across the 5G networks. Furthermore, the capability of this network will dismiss all bounds as Helium might also be utilized to foster the much-expected Solana Phone dispute, according to Solana.
Commencing on the Right Foot
The sustained maturity of the token is definitely for the leading fifteen digital tokens today morning. This move is a smart way to commence the week as regulations intensify pressure from the United States Securities and Exchange Commission. However, Solana prioritizes the maturity of its protocol.
It is currently the destination for decentralized physical system networks, being referred to as the go-to protocol for such significant service providers as Helium in a bid to link with the worldwide digital technology environment.