As the broader cryptocurrency market faces significant price corrections, driven largely by a nearly 5 percent drop in the value of bitcoin (BTC) on Monday, one token stood out from the rest.
Black Agnus and its native token FTW have captured attention with a remarkable 507% augment in just 24 hours, as well as a significant 183% augment in the last hour.
FTW climbs to 75th place among all cryptocurrencies
The augment in FTW’s value has catapulted the cryptocurrency to the 75th position among the largest cryptocurrencies, which is a significant achievement for a relatively fresh market entrant.
The augment in the token’s value can be traced back to its listing September 12 on major cryptocurrency market aggregators CoinGecko and CoinMarketCap, which increased its visibility and attracted a wave of cryptocurrency investors looking to capitalize on its momentum.
Nansen Chain Analytics Platform describes FTW is a token that combines elements of meme culture with the functionalities of decentralized finance (DeFi), which makes it stand out from many other meme coins that lack such capabilities.
The token is purported to be “entertainment and financially empowering” and aims to redefine the meme token market by providing real-world utility.
According to the latest data, FTW is trading at $0.00009953, after a 76% augment in trading volume over the weekend. It reached a peak price of $0.00003531 on Monday, According to to CoinGecko. Nansen’s data further shows that FTW has seen around $1.79 million in decentralized exchange (DEX) volume in the past 24 hours.
Concerns about centralized holding company structures?
Tokenomics FTW currently boasts a market capitalization of around $351 million, reflecting robust investor interest despite its recent entry into the market.
Despite bull indicatorA disturbing detail has been revealed, as Nansen data shows that one energetic wallet holds almost 25% of FTW’s 10 trillion tokens.
From this address, which may be linked to the development team, approximately 7.54 trillion FTW of the 10 trillion tokens available for sale have been distributed over the past month, with an additional 2.46 trillion tokens still available for sale, as you can see in the image below.
Such significant selling activity could threaten the sustainability of FTW’s recent price gains and potentially lead to a acute price correction for the token, which accounts for almost 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, which is consistent with observed sales 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, the question remains whether the current upward trend can be sustained in the long term, as such price increases typically follow one another. profit realization by investors. Monitoring portfolio movements to understand subsequent moves and whether they are in line with the Black Agnus team strategy will also be critical.
Featured image from DALL-E, chart from TradingView.com
