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Breaking News: Bitcoin Price Makes History By Crossing $126,000: Options Market Forecasts Next Price Targets
ASTER

Monday’s Top Performer: This Crypto Stands Out With A 500% Rally – Get The Full Scoop

Ronaldo Marquez
by Ronaldo Marquez
1 year ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

As the broader crypto market faces significant price corrections, primarily driven by Bitcoin’s (BTC) nearly 5% drop on Monday, one token has emerged as a standout performer. 

Black Agnus and its native token, FTW, have captured attention with an extraordinary surge of 507% in just 24 hours, alongside a significant 183% increase in the past hour alone.

FTW Climbs To 75th Place Among All Cryptos

FTW’s rise has propelled it to the 75th position among the largest cryptocurrencies, a significant achievement for a relatively new entrant in the market. 

The token’s ascent can be traced back to its listing on major crypto market aggregators CoinGecko and CoinMarketCap on September 12, which boosted its visibility and attracted a wave of crypto investors eager to capitalize on its momentum. 

Related Reading: Bitcoin Mine Shutdown In Norway Sparks Higher Power Bills For Residents

On-chain analytics platform Nansen describes FTW as a token that combines elements of meme culture with the functionalities of decentralized finance (DeFi), setting it apart from many other meme coins that lack such capabilities. 

The token is allegedly designed to be “entertaining and financially empowering,” aiming to redefine the meme token landscape by providing genuine utility.

Crypto
FTW’s price increase has been recorded over the last 24 hours. Source: CoinGecko

As of the latest data, FTW is trading at $0.00009953, following a trading volume increase of 76% over the weekend. It reached a peak price of $0.00003531 on Monday, according to CoinGecko. Nansen data further shows that FTW recorded approximately $1.79 million in decentralized exchange (DEX) volume over the past 24 hours.

Concerns Over Centralized Holdings? 

FTW’s tokenomics currently boasts a market capitalization of approximately $351 million, reflecting strong investor interest despite its recent entry into the market. 

Despite this bullish indicator, a worrying detail has emerged as Nansen data shows that one active wallet holds nearly 25% of the total 10 trillion of FTW’s token supply. 

Related Reading: Shiba Inu Team Members Reveals The Best Way To Burn SHIB And Reduce Supply

This address, which may be associated with the development team, has distributed approximately 7.54 trillion FTW of the 10 trillion tokens available in the past month, with an additional 2.46 trillion tokens still available for sale, as seen in the image below.

Crypto
FTW’s massive token concentration and distribution by the same wallet. Source: Nansen

Such significant selling activity could threaten the sustainability of FTW’s recent price gains and potentially lead to a sharp price correction for the token, representing nearly a quarter of the total supply.

However, the Black Agnus team has indicated that the initial token sale will allocate 60% of the total supply, aligning with the observed selling patterns. The roadmap outlines community development at 10%, marketing and partnerships at 10%, ecosystem development at another 10%, and reserves and team/advisors at 5% each.

Ultimately, it remains to be seen if the current uptrend can be sustained over time, as these price increases typically follow profit-taking by investors. Monitoring wallet movements to understand the next movements and if this aligns with the Black Agnus team’s strategy will also be important. 

Crypto
The daily chart shows the total crypto market cap valuation at $1.96 trillion. Source: TOTAL on TradingView.com

Featured image from DALL-E, chart from TradingView.com 

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Ronaldo Marquez

Ronaldo Marquez

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Ronaldo is a seasoned crypto enthusiast with over four years of experience in the field. He is passionate about exploring the vast and dynamic world of decentralized finance (DeFi) and its practical applications for achieving economic sovereignty. Ronaldo is constantly seeking to expand his knowledge and expertise in the DeFi space, as he believes it holds tremendous potential for transforming the traditional financial landscape.

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