Whales Dive into Mid-Cap Layer-1 Altcoins: Fasttoken Surges 600%

Crypto analytics firm Santiment has reported a surge in whale activity for mid-cap layer-1 altcoins this week. The firm tracks transactions worth more than $100,000, which it defines as "whale transactions," and identifies altcoins with the biggest percent changes in these transactions week over week.

One notable altcoin that witnessed a significant increase in whale activity is Fasttoken (FTN). FTN, the native token of the Bahamut blockchain, saw a staggering 600% increase in whale transaction count (TC) this week. The Bahamut blockchain utilizes a unique consensus mechanism called Proof of Stake and Activity (PoSA), which prioritizes nodes that bring value to others by deploying smart contracts that users interact with.

FTN, currently ranked 66th by market cap with a valuation of $1.691 billion, is trading at $3.94 at the time of writing. This surge in whale activity suggests increased interest and investment in the mid-cap layer-1 altcoin sector, potentially indicating a shift in market dynamics.