Fantom (CRYPTO: FTM) has emerged as the most traded cryptocurrency by the 1,000 biggest Ethereum (CRYPTO: ETH) wallets in the past 24 hours.
What Happened: Fantom was ranked sixth among the top 10 purchased tokens of the Ethereum whales with an average purchase amount of $72,962, according to data from cryptocurrency data platform WhaleStats.
The token also stood sixth among the most used smart contracts by the biggest Ethereum wallets.
Why It Matters: Fantom describes itself as a directed acyclic graph (DAG) smart contract platform providing decentralized finance (DeFi) services to developers.
It is an open-source decentralized smart contract platform for decentralized apps (Dapps) and digital assets that were created as an alternative to Ethereum. More than 80 Dapps have been deployed on Fantom's platform, according to its website.
Price Action: Fantom is down 12.0% during the past 24 hours and also down 34.7% over the past seven days, trading at $1.18 at press time.
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