As the broader crypto market continues to see significant price corrections, largely driven by Bitcoin’s (BTC) nearly 5% drop on Monday, one token has stood out as a standout performer.
Black Agnus and its native token, FTW, have been grabbing attention with an extraordinary 507% surge in just 24 hours, in addition to a significant 183% increase in the past hour alone.
FTW climbs to 75th place among all cryptos
The rise of FTW has propelled the company to the 75th position in the list of largest cryptocurrencies, a significant achievement for a relatively newcomer to the market.
The rise of the token can be traced back to its mention on September 12 on major crypto market aggregators CoinGecko and CoinMarketCap, increasing its visibility and attracting a wave of crypto investors eager to capitalize on the momentum.
On-chain analytics platform Nansen describes FTW is a token that combines elements of meme culture with the functionalities of decentralized finance (DeFi), setting it apart from many other memecoins that lack such capabilities.
The token is reportedly designed to be “entertaining and financially empowering,” with the aim of redefining the meme token landscape by providing real utility.
According to the latest data, FTW is trading at $0.00009953, after a 76% increase in trading volume over the weekend. It reached a peak price of $0.00003531 on Monday, according to to CoinGecko. Nansen data further shows that FTW recorded approximately $1.79 million in decentralized exchange (DEX) volume in the past 24 hours.
Concerned about centralized holdings?
FTW tokenomics currently has a market cap of around $351 million, indicating strong investor interest despite its recent market entry.
Despite this bullish indicatorA worrying detail has emerged as data from Nansen shows that one active wallet controls nearly 25% of FTW’s total 10 trillion tokens.
This address, which is possibly linked to the development team, has distributed approximately 7.54 trillion FTW of the 10 trillion available tokens over the past month, with an additional 2.46 trillion tokens still available for purchase, as seen in the image below.
Such significant selling activity could jeopardize the sustainability of FTW’s recent price increases and potentially lead to a sharp price correction for the token, which represents 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, in line with observed sales 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 whether the current upward trend can be sustained in the long term, as these price increases typically follow profit taking by investors. Monitoring wallet movements to understand the next moves and whether it aligns with the Black Agnus team’s strategy will also be important.
Main image of DALL-E, chart from TradingView.com