Dormant FTT Tokens See a Surge in Activity; Time to Buy?

• A couple of previously-dormant FTT tokens saw a sudden surge in intraday activity.
• FTT’s MDIA fell by 64% between 27 and 28 September.
• The price of FTT is currently trading at $24.12 according to CoinMarketCap.

Some previously dormant FTT tokens saw a sudden surge in activity during the intraday session on 28 September. According to data from Santiment, between 11 am – 12 pm UTC on 28 September, FTT saw its largest amount of dormant token movement of all time.

In addition, FTT’s Mean Dollar Invested Age (MDIA) fell sharply by 64% between 27 and 28 September of this year. A continued stretch in FTT’s MDIA could be an indication of stagnancy on the network.

On the other hand, the fall of FTT’s MDIA indicates that long-held tokens lying in dormant addresses are beginning to change hands, and such movement usually precipitates a rally in the price of an asset.

After the sudden movement of the dormant FTT tokens on 28 September, data from Santiment showed positive activity for some on-chain metrics.

Number of daily active addresses for FTT (Source: Santiment)

One such metric is the count for daily active addresses that traded FTT tokens, which rallied 24% to a high of 248 addresses by September 29. However, this has slowed down a bit as the number of daily active addresses on the network stood at 69 at the time of writing.

FTT’s supply on exchanges had also been on a decline since 25 September, which suggests that there is a drop in selling pressure for the asset. Following the dormant coin activity on 28 September, FTT’s supply on exchanges fell another 2% within the 24 hours that followed.

The crypto market tracking website, CoinMarketCap, shows that FTT is currently trading at $24.12 after its price dropped 0.95% over the last 24 hours. Despite this, FTT was able to strengthen against the two crypto market leaders, (BTC) and (ETH), by 0.41% and 0.14% respectively.

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