According to onchain data that caught the radar of cryptocurrency analysts, the Fantom Foundation, which consists of the developers behind the altcoin formerly known as Fantom (FTM) and now known as Sonic (S), sold a large amount of a different altcoin it owns.
According to information provided by onchain tracker Lookonchain, the Fantom Foundation has withdrawn 11.07 million CRV tokens worth $7.64 million via decentralized finance organization Curve Finance (CRV) and transferred them to cryptocurrency exchange Binance.
The sale came after the CRV price had lost approximately 8% in 24 hours, raising questions about whether it was a panic sale. However, following the sale by the Fantom Foundation, the CRV price gained approximately 5%.
The CRV price has gained approximately 34% in the last month, while the S price has lost 15% in the same period. Since the switch from Fantom to Sonic, the coin's price has dropped 37%.
Currently, the Fantom Foundation has assets worth $1.89 million in known cryptocurrency wallets, $637 thousand of which is INST and $599 thousand is X33 tokens.
*This is not investment advice.
