Layer1 (L1) blockchain network Fantom (FTM) rose by 10% in the last 24 hours to $0.51 as of press time, according to CryptoSlate’s data.

The positive price action coincided with a number of upgrades designed to increase the speed and throughput of the L1 blockchain network.

The positive price action has led to massive dumping among shark and whale addresses holding FTM.

A 41% drop in addresses holding between 10,000 to 100 million FTM tokens occurred, according to blockchain analytical firm Santiment.

Over the past month, these addresses have dumped roughly $260 million of the asset.

(By Oluwapelumi Adejumo)

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