FTT, the 5th largest exchange coin by market capitalization, breaks barriers with an unprecedented 200% spike, surpassing $3. Despite challenges tied to its creators’ legal woes, FTT showcases resilient market growth.
In the last fortnight, FTT witnessed a staggering 200.2% surge against the US dollar, overcoming a recent 6.3% dip in the past week. With a 24-hour global trade volume of $230.85 million, FTT secures the 21st spot in daily spot trading, featuring top pairs like USDT, USD, ETH, USDD, and USDC as of November 19, 2023.
FTT, an exchange token born from the now-incarcerated Sam Bankman-Fried and the bankrupt FTX, astonishes as it defies its creators’ legal and financial challenges. Despite its parent company’s turmoil, FTT’s value perplexes many, with a remarkable 200% surge in just two weeks.
A substantial portion of FTT’s available supply rests with the FTX estate and central exchanges. Though 29,221 FTT owners exist, the top 100 control an astonishing 98.83% of the entire supply. This raises questions about the success of a token tied to a convicted fraudster and an insolvent exchange. The answer lies in the prevailing belief that FTX could stage a comeback under new leadership.
Speculation abounds that FTX 2.0 may breathe new life into FTT, with a refreshed purpose or expanded utility. Investors take calculated risks, acquiring FTT at a low cost, banking on success if FTX 2.0 embraces the exchange token.
However, uncertainties loom as the future of FTT remains highly unpredictable. A new FTX team might opt against utilizing the token for various reasons. Despite these risks, speculative ideas fuel FTT’s momentum, driving its value based on potential long-term outcomes.