As the wider cryptocurrency market experiences notable price setbacks, largely due to Bitcoin’s (BTC) nearly 5% decline on Monday, one token has distinguished itself as an impressive performer.
Black Agnus and its native token, FTW, have garnered attention with a remarkable spike of 507% within just 24 hours, alongside a notable 183% surge in the past hour alone.
FTW Ascends to 75th Position Among All Cryptocurrencies
The elevation of FTW has positioned it at the 75th spot among the biggest cryptocurrencies, marking a significant milestone for a newcomer in the market.
The token’s growth can be traced back to its listing on key cryptocurrency market aggregators CoinGecko and CoinMarketCap on September 12, which enhanced its exposure and attracted a wave of cryptocurrency investors keen to seize its momentum.
On-chain analytics platform Nansen characterizes FTW as a token that merges elements of meme culture with the features of decentralized finance (DeFi), distinguishing it from many other meme tokens that lack such functions.
This token is purportedly designed to be “entertaining and financially empowering,” with the intention of transforming the meme token landscape by offering real utility.
Currently, FTW is trading at $0.00009953, following a 76% increase in trading volume over the weekend. It reached a peak price of $0.00003531 on Monday, as reported by CoinGecko. According to Nansen data, FTW generated approximately $1.79 million in decentralized exchange (DEX) volume over the last 24 hours.
Concerns Over Centralized Holdings?
FTW’s tokenomics indicate a market capitalization of around $351 million, showing strong investor interest despite its recent market entry.
However, a concerning detail has surfaced, as Nansen data reveals that one active wallet possesses nearly 25% of the total 10 trillion FTW token supply.
This address, potentially linked to the development team, has distributed approximately 7.54 trillion FTW of the 10 trillion tokens available in the last month, with an additional 2.46 trillion tokens still on the market, as illustrated in the image below.
Such considerable selling activity could jeopardize the sustainability of FTW’s recent price advancements and possibly lead to a sharp price correction for the token, affecting almost a quarter of the total supply.
Nevertheless, the Black Agnus team has indicated that the initial token sale will allocate 60% of the total supply, in line with observed selling behaviors. Their roadmap details community development at 10%, marketing and partnerships at 10%, ecosystem development at another 10%, and reserves and team/advisors at 5% each.
Ultimately, it still remains to be seen whether the current upward trend can be maintained over time, as these price increases often follow profit-taking by investors. It will also be important to monitor wallet activities to understand upcoming movements and ascertain if these align with the Black Agnus team’s strategic objectives.
Featured image from DALL-E, chart from TradingView.com
