While the broader cryptocurrency market is facing major price corrections, driven primarily by Bitcoin (BTC)’s nearly 5% drop on Monday, one token has emerged as the best performer.
Black Agnus and its native token, FTW, have been attracting attention with an extraordinary 507% surge in just 24 hours, along with a massive 183% increase in the past hour alone.
FTW climbs to 75th place among all cryptocurrencies
FTW’s rise has pushed it to the 75th spot among the largest cryptocurrencies, a huge achievement for a relative newcomer to the market.
The rise of the symbol can be traced back to existing Bitcoin was listed on major cryptocurrency aggregators CoinGecko and CoinMarketCap on September 12, boosting its visibility and attracting a wave of crypto investors eager to capitalize on its momentum.
Nansen On-Chain Analytics Platform describes FTW is a token that combines elements of meme culture with decentralized finance (DeFi) functionality, setting it apart from many other meme coins that lack such capabilities.
Designed to be “entertaining and financially empowering,” the token aims to redefine the meme token landscape by providing real utility.
According to the latest data, FTW is trading at $0.00009953, after a 76% increase in trading volume over the weekend. It reached a peak price of $0.00003531 on Monday, According to Nansen data also shows that FTW has recorded nearly $1.79 million in decentralized exchange (DEX) volume over the past 24 hours.
Are there concerns about centralized holdings?
FTW tokenomics currently has a market cap of around $351 million, reflecting strong investor interest despite its recent entry into the market.
despite this bullish indicatorA worrying detail has emerged as Nansen data shows that a single active wallet holds nearly 25% of the total 10 trillion FTW token 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 shown in the image below.
This massive selling activity could threaten the sustainability of FTW’s recent price gains and could lead to a sharp correction in the price of the token, which represents nearly a quarter of the total supply.
However, the Black Agnus team has Clear The initial token sale will allocate 60% of the total supply, in line with observed tokenization patterns. The roadmap specifies 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 whether the current uptrend can continue over time, as such price increases are usually followed by profit making By investors. It will also be important to monitor portfolio movements to understand what the next moves will be and whether this is in line with the Black Agnus team’s strategy.
Featured image by DALL-E, chart by TradingView.com