What is causing the price movement of FSN?
Updated: Feb 9
There's a lot of attention on Fusion from many sides right now and FSN is being bought from Huobi at a fast pace. But who are the main buyers? This is an attempt to speculate on what is going on right now and might be completely wrong in some cases.
Andre Cronje, 1inch and SushiSwap are cooperating with AnySwap and the rise of price in ANY will also effectively rise FSN, as the best liquidity for ANY has been through FSN
I think there's certainly some of this happening, since the price of ANY has gone up even more than that of FSN. Since ANY currently has a smaller circulating mcap than FSN, the price movements also get more explosive, both up and down. ANY would be needed for liquidity in Ethereum swaps such as SushiSwap.
Dj Qian has applied for listing FSN, ANY and CHNG to multiple exchanges (Binance, Gate.io and Coinbase)
The buying behavior of one of the currently major buying addresses 0xb6f9ea25acdb05bbd0de420912b8e1e23ea43d97 has certainly acted very much like a big exchange type of buyer. So it makes sense that it'd be related to an exchange listing. And that whoever it is, is also looking to challenge Huobi's role as the most liquid exchange. The most likely candidate is Binance and the acquisitions may not be for the sole purpose of aquiring FSN, but also ANY and CHNG.
General Bull Market
If we look around, we'll notice that pretty much everything is pumping because big-cap crypto money is getting itself into smaller-cap crypto money. In case this is the full extent of the explanation, I suppose FSN has simply been lucky to find itself among the coins that was interesting enough for these bigger investors to get into.
Upbit address has had extreme growth
UpBit warned about FSN, closed deposits, said they'd delist and began pumping it, and then changed their intention and is no longer planing on delisting FSN. After this strange outplay they seem to have acquired a huge amount of FSN from Huobi in their own address 0xac77a273b4df219912edac0a3e08c9d8e6452b8a. Of course it's unknown if this FSN actually belongs to them, or some other form of market maker/whale/exchange who is using UpBit as a temporary place of holding. The UpBit address has acted odd a few times in the past too during times of volatility. Though what is going on with UpBit likely plays a part in the current action, I'm doubtful it's actually UpBit themselves who are the cause.
Chainge has just launched
There's four different reasons why the launch of Chainge may cause growth in the value of FSN. 1. Through Chainge FSN has had some level of exposure to over 170 000 people 2. Some of these people will also have learned that they could get more CHNG by getting themselves some FSN. 3. Chainge may want to eventually be selling FSN in the app and offer staking and is thus acquiring FSN to run a larger FSN staking node. There has been a really big new node opening up recently 0x08f52d4ead91097a8ccaf0865d2bf5ce540ab23f3. This may or may not be Chainge, but either way it's likely related to the new price movements. 4. Fusion and Chainge founder DJ Qian wants Fusion to look good in this critical time and may actually be buying a lot himself.
Fantom and Fusion has always had close ties and slightly before the FSN price really began moving FTM had one of the biggest pumps I've seen in a long time. In such a situation it'd be natural for long term hodlers of FTM to take a little profit and try to place their earnings somewhere else. And being sister-chains on AnySwap, both FSN (and ANY of course) seems to be pretty natural new places to invest in.