As the broader crypto market faces significant price corrections, primarily driven by Bitcoin’s (BTC) nearly 5% drop on Monday, one token has emerged as a standout performer.
Black Agnus and its native token, FTW, have captured attention with an extraordinary surge of 507% in just 24 hours, alongside a significant 183% increase in the past hour alone.
FTW Climbs To 75th Place Among All Cryptos
FTW’s rise has propelled it to the 75th position among the largest cryptocurrencies, a significant achievement for a relatively new entrant in the market.
The token’s ascent can be traced back to its listing on major crypto market aggregators CoinGecko and CoinMarketCap on September 12, which boosted its visibility and attracted a wave of crypto investors eager to capitalize on its momentum.
On-chain analytics platform Nansen describes FTW as a token that combines elements of meme culture with the functionalities of decentralized finance (DeFi), setting it apart from many other meme coins that lack such capabilities.
The token is allegedly designed to be “entertaining and financially empowering,” aiming to redefine the meme token landscape by providing genuine utility.
As of the latest data, FTW is trading at $0.00009953, following a trading volume increase of 76% over the weekend. It reached a peak price of $0.00003531 on Monday, according to CoinGecko. Nansen data further shows that FTW recorded approximately $1.79 million in decentralized exchange (DEX) volume over the past 24 hours.
Concerns Over Centralized Holdings?
FTW’s tokenomics currently boasts a market capitalization of approximately $351 million, reflecting strong investor interest despite its recent entry into the market.
Despite this bullish indicator, a worrying detail has emerged as Nansen data shows that one active wallet holds nearly 25% of the total 10 trillion of FTW’s 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 seen in the image below.
Such significant selling activity could threaten the sustainability of FTW’s recent price gains and potentially lead to a sharp price correction for the token, representing nearly 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, aligning with the observed selling patterns. The roadmap outlines 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 if the current uptrend can be sustained over time, as these price increases typically follow profit-taking by investors. Monitoring wallet movements to understand the next movements and if this aligns with the Black Agnus team’s strategy will also be important.
Featured image from DALL-E, chart from TradingView.com