FTX Token (FTT) is the native token of now-bankrupt crypto exchange FTX has had a monumental cost rally this week even however FTX founder and former CEO Sam Bankman-Fried did not accept the declare. guilty on all eight counts of the United States.
FTT is trading at $one.forty, up one.15% in the final 24 hrs and up 52.82% in the preceding 7 days. The worth of FTT very first fell beneath the $one selection on December 19, 2022, and stayed beneath it until finally a spike on January 9, 2023.
Furthermore, due to the significant cost boost, FTX Token is now the 11th most trending cryptocurrency as of January 13, with a complete industry cap of $460.five million immediately after a $163 million boost given that January 13. from January six.
As the FTT tokenization is linked to the now defunct FTX exchange and its anticipated long term growth, the lead to of this boost in worth stays unknown.
One tackle controls 59.fifty five% of the complete FTT provide, contributing to the severe concentration of ownership. Furthermore, an unknown hacker presently owns 45.85 million FTT tokens, which is 13.94% of the complete volume now in circulation.
BinanceMex Global, Kucoin, Gate.io and SushiSwap are amongst the most actively traded FTT crypto exchanges at the minute.
The cost of an FTT token has elevated by a lot more than 50% in the previous twelve days, immediately after hitting a new all-time minimal of $.827 per token on December thirty, 2022. Otherwise, the cost stays minimal. considerably a lot more than the cost of it all -the all-time substantial was $84.18 per token, set on September 9, 2021.
The long term of FTT is unclear, with Sam Bankman-Fried dealing with fees of fiscal fraud and FTX declaring bankruptcy. The worth of the token has fallen, however not as rapidly as Terra’s (LUNA) did in May. FTT’s token method is interwoven with that of the defunct cryptocurrency exchange FTX.
Many crypto assets, like FTT, even now exist in spite of the lack of roadmap advice or transparent tokens. It has evolved into a meme token for traders to speculate on and the recent controversy with regards to SBF and FTX has just additional fuel to the fire.
