FTT, the exchange token launched by the now defunct cryptocurrency trading platform FTX, has experienced a significant 200% surge in value over the past two weeks, surpassing the $3 per unit mark. Ranking as the fifth largest exchange coin in terms of market capitalization, FTT stands below prominent counterparts like BNB, LEO, OKB, and CRO.
FTT Records Colossal Gains Over the Past Fortnight
Originally developed by the now-convicted Sam Bankman-Fried and the insolvent FTX, the crypto asset FTT has defied the odds. Despite the backdrop of Bankman-Fried’s fraud conviction and FTX’s ongoing Chapter 11 bankruptcy proceedings, FTT has shown a significant uptick in market performance, making notable strides within the last two weeks.
Despite a 6.3% decline in the past week, FTT has shown a notable 200.2% increase against the U.S. dollar over the last fourteen days. Currently, FTT boasts a 24-hour global trade volume of $230.85 million, placing it in the 21st position for daily spot trading volume. As of Sunday, November 19, 2023, FTT’s leading trading pairs include USDT, USD, ETH, USDD, and USDC.
A significant portion of FTT’s supply is in the hands of the FTX estate and centralized exchanges. While there are 29,221 FTT holders, the top 100 control a staggering 98.83% of the total supply. This might leave many puzzled as to why a token, developed by a convicted fraudster and a bankrupt exchange, is performing remarkably well. The answer lies in the widespread belief that FTX could be revived under new management.
Many speculate that a potential FTX 2.0 would reintroduce FTT, assigning it new utility or broader possibilities. Investors are gambling on acquiring FTT at rock-bottom prices, betting on a win if FTX 2.0 incorporates the exchange token.
However, this is speculative, as the future of FTT remains very uncertain, and there’s a chance that a new FTX team may choose not to utilize the token for various reasons. Despite these uncertainties and risks, speculative theories continue to fuel FTT’s momentum, propelling its value based on potential long-term outcomes.
What do you think about FTT’s climb over the past two weeks? Share your thoughts and opinions about this subject in the comments section below.