FLEXcoin Experiences a 13% Daily Surge Despite Large-Scale Selloffs by Major Investors - Explanation Provided
🤖 FET's Unstoppable Rise: Why It's Resisting the Sell-off 🤖
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Foreigners flocking to Artificial Superintelligence Alliance (FET), pushing its price up by a staggering 13% in just 24 hours. And get this, its weekly gains are now an eye-watering 33%! 📈 🤑
Here's the freakin' deal: our staunchly biased team found that this rally ain't your typical market happenin'. In fact, it's defyin' certain markets, especially the deep-pocketed whales holdin' hefty amounts of FET. But don't fret, other traders are fightin' back!
Here's the low-down on why FET's market's still pumped, even with the heavy sell-offs.
Whales bail, spot interest sparks, supply dips
Just in the last 24 hours, the market's seen a shift in dynamics. As FET climbed, major investors started dumpin' their stash. They offloaded a hefty 17.3 million FET worth $11.88 million at a market rate of $0.687.
Coinglass, a renowned provider of crypto analytics, reported that Spot traders unloaded a jaw-droppin' $2.6 million of FET, makin' the total sales a whopping $14.48 million.
According to IntoTheBlock, this ain't nothin' new.
Supply shrivels, counteracting sell-offs
Usually, a wave like this'd rock the market. But miracle of miracles, the price stayed steady.
We sliced and diced the data, and here's the juicy part: FET's price rally was propelled by a sharp drop in its supply.
Right now, the AI token's circulatin' supply plummeted by a whopping 10 million tokens, roughly $6.87 million.
That's not all, man! According to IntoTheBlock, this shrinkage mirrors the Number of Tokens removed from the open market.
This little buffer allowed Spot market participants to doubledown on their FET investments, snatchin' up $845,950 worth of the token during the same period.
If this trend sticks-supply shrinkin' and retail interest growin'-FET might just keep powerin' through those whale exits.
FET's Market volume blown wide open
This bullish move ain't just a one-off. FET's ongoing rally has been fueled by growin' market momentum, as volume's been skyrocketin' too.
FET's tradin' volume skyrocketed by 122.06% in the last 24 hours, reachin' $379.07 million. Historically, when price growth line ups with a volume increase, it signals a strong trend.
Based on this, FET is likely to keep its upward trajectory unless somethin' drastic happens to the price or volume. And a slowdown in whale sell-offs would boost the asset's growth even further.
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- Despite a significant sell-off, the FET market has remained resilient due to a sharp drop in the AI token's supply, with 10 million tokens disappearing from circulation, equating to approximately $6.87 million.
- Spot market participants took advantage of the shrinking supply, investing $845,950 in FET during the same period, indicating that retail interest is still growing.
- The ongoing rally of FET has been driven not only by the price increase but also by a surge in trading volume, which skyrocketed by 122.06% in the last 24 hours, reaching $379.07 million.
- Coinglass reported that spot traders unloaded a staggering $2.6 million of FET within the last day, making the total sales reach $14.48 million.
- If the trend of shrinking supply and growing retail interest continues, FET might sustain its upward trajectory, even if whale exits persist, unless there is a drastic event affecting either the price or volume.
